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Arras Minerals Strengthens Financial Position with C$4 Million Raised from Warrant Exercises
NYSE - LSE
Arras Minerals Strengthens Financial Position with C$4 Million Raised from Warrant Exercises
VANCOUVER, BC / ACCESS Newswire / March 17, 2025 / Arras Minerals Corp. (TSX-V:ARK)(OTCQB:ARRKF) ("Arras" or the "Company") is pleased to announce that further to the Company's news release on February 12, 2025 whereby the Company announced that it elected to exercise its right under the terms of certain common share purchase warrants issued on June 6, 2024 (the "Warrants") to accelerate the expiry date of the Warrants, all 10,134,332 Warrants have been exercised by the holders. This has brought in gross proceeds of C$4,053,733 to the Company.
Tim Barry, CEO commented, "We wish to thank shareholders for their continued support through the full exercise of the warrants. We are currently finalizing geophysical survey and drilling contracts and expect to commence fieldwork later in April. The Company is well positioned to kick off our Phase 2 program at Elemes and together with the work program planned on the Arras-Teck Strategic Alliance, we are very excited about the many targets we will be advancing over the next 8-12 months in Kazakhstan".
Grant and Settlement of Restricted Share Units
In accordance with the Company's Equity Incentive Plan, Arras has granted an aggregate of 241,196 restricted share units ("RSUs") to certain officers as annual performance awards for 2024. The RSUs vest one year from the grant date (February 27, 2025).
Additionally, an aggregate of 1,495,484 RSUs that were granted in February 2024 as annual performance awards for 2023 were settled as common shares of the Company effective March 14, 2025.
Following the exercise of these warrants and settlement of RSUs, the Company now has 100,865,297 common shares issued and outstanding.
On behalf of the Board of Directors
"Tim Barry"
Tim Barry, MAusIMM CP(Geo)
Chief Executive Officer and Director
INVESTOR RELATIONS:
+1 604 687 5800
[email protected]
Further information can be found on:
the Company's website https://www.arrasminerals.com or
follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals or
follow us on X (formerly Twitter): https://twitter.com/arrasminerals
About Arras Minerals Corp.
Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Elemes copper-gold porphyry project and the Option Agreement on the Beskauga copper and gold project. The Company has established the third-largest license package in the country prospective for copper and gold (behind Rio Tinto and Fortescue). In December 2023, the Company entered into a strategic alliance with Teck Resources Limited ("Teck") in which Teck may sole fund a US$5 million generative exploration program over a portion of the Arras license package in 2024-2025. The Company's shares are listed on the TSX-V under the trading symbol "ARK" and on the OTCQB under the trading symbol "ARRKF"
Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras Minerals' future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding plans and expectations of the exploration program Arras Minerals is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras Minerals' exploration projects, the industry in which Arras Minerals operates and the beliefs and assumptions of Arras Minerals' management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management's control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption "Risk Factors" in the Management Discussion and Analysis filed on the Company's profile on SEDAR+ on February 27, 2025. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
SOURCE: Arras Minerals Corp.
View the original press release on ACCESS Newswire
P.Graham--SMC
