Murchison Minerals Closes Fully Subscribed $1.5 Million Non- Brokered Private Placement
News Release
Murchison Minerals Closes Fully Subscribed $1.5 Million Non-
Brokered Private Placement
July 27th, 2023 (Burlington, ON): Murchison Minerals Ltd. (“Murchison” or the “Company”)
(TSXV: MUR, OTCQB: MURMF) is pleased to announce that further to its press release dated July
11th, 2023, the Company has closed its CAD $1.5 million non-brokered private placement (the
“Private Placement”) as detailed below.
The Company issued 9,000,000 Hard Dollar units (“HD Units”) at a price of $0.0 6 per HD Unit,
11,500,715 Quebec flow -through units (“QFT Units”) at a price of $0. 07 per QFT Unit and
2,383,850 National flow-through units (“ NFT Units”) at a price of $0. 065 per NFT Unit, to raise
aggregate gross proceeds of CAD $1,500,000.30.
Each Unit was comprised of one common share of the Company (a “Common Share”) and one -
half of a common share purchase warrant (each whole warrant, a “Warrant”) and each QFT and
NFT Units were comprised of one flow-through common share of the Company (a “FT Common
Share”) and one -half of a Warrant. Each whole Warrant shall be exercisable to acquire one
additional Common Share at a price of $0.10 for a period of 24 months expiring July 26th, 2025.
All securities issued under the Private Placement are subject to a hold period expiring on
November 27th, 2023, in accordance with applicable securities laws. Proceeds from the private
placement will be directed towards exploration at the Company’s 100% -owned BMK Zn-Cu-Ag-
Pb-Au VMS Project in Saskatchewan, the 100% -owned HPM nickel -copper-cobalt Project in
Quebec, working capital and administrative expenses.
2023 Exploration Program
Due to the high level of interest in the Company ’s high-grade Ni-Cu-Co HPM Project in Quebec
and the decrease in the extreme wildfire situation in the Province, the Company has decided to
reprioritize work at HPM over the previously announced diamond drill program at it’s BMK project
in Saskatchewan. The focus for the 2023 Summer Exploration Program will be on the continued
de-risking of the HPM Project. The program will consist of ground geophysics and prospecting,
developing a pipeline of future drill targets at the HPM Project.
Mr. Troy Boisjoli, Murchison Minerals President, CEO, and Director comments:
“The high degree of interest and support the Company received in this private placement speaks to
the confidence our shareholders have in Murchison’s projects and our ability to execute on
objectives. With the closing the Company is well funded to drive both BMK and HPM projects forward
– as demand for critical minerals increases. Our approach is to put the geoscience in front of the
spend, creating shareholder value through the disciplined advancement of both projects. I would like
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MURCHISON MINERALS LTD. NEWS RELEASE
to thank all our current shareholders, and new investors into Murchison for their support . We are
excited to kickoff our 2023 summer exploration program.”
Mr. John Shmyr, Murchison Minerals Vice-President of Exploration comments:
“Over the 2023 winter, Murchison’s geological team with aid of our technical advisor Dr. Peter
Lightfoot, focused on understanding and interpreting the data acquired during our successful 2022
exploration program at HPM. This was time well spent and led to the identification of a significant
number of high priority Ni -Cu-Co targets for our prospecting crews to investigate. Furthermore,
during the data review our geophysics experts were able to de monstrate that the BDF Zone is an
example of a highly conductive sulphide body, which is less responsive to VTEM surveys. For us this
is a great indicator of something substantial being hosted at BDF. Geologists at Voisey’s Bay
encountered a similar issue where the conductance of the sulphide mineralization was too high for
typical geophysical systems such as VTEM to adequately detect. For that reason, Murchison will be
using a tool called a SQUID (Super-conducting Quantum Interference Device), purpose built for highly
conductive sulphide mineralization – allowing us to image key expansion areas at depth along the
BDF Trend, de-risking future drill programs."
Insiders Participation:
Donald K. Johnson, OC, Murchison Minerals’ Director, and Largest Shareholder
Mr. Johnson acquired an additional 7,000,000 Units for aggregate investment of $420,000 to
maintain his current ownership in the Company at approximately 30%.
The Private Placement constituted a “related party transaction” as defined in Multilateral
Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”),
as an insider of the Company acquired an aggregate of 7,000,000 Units. The Company is relying
on the exemptions from the valuation and minority shareholder approval requirements of MI 61-
101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 -101, as the fair market value of the
participation in the Private Placement by ins iders does not exceed 25% of the market
capitalization of the Company, as determined in accordance with MI 61 -101. The Company did
not file a material change report in respect of the related party transaction at least 21 days before
the closing of the Private Placement, which the Company deems reasonable in the circumstances
to complete the Private Placement in an expeditious manner. The Private Placement was
approved by all independent directors of the Company.
Finders Fee
The Private Placement is subject to final acceptance of the TSX Venture Exchange. Finder’s fees
of $57,004.82 were paid and 636,994 Finder’s warrants were issued in relation to the Private
Placement. Finder’s warrants ha d same terms and conditions as the Warrants. All Finder’s
warrant issued are subject to a four-month hold period until November 27th, 2023, in accordance
with applicable securities laws.
About Murchison Minerals Ltd. (TSXV: MUR, OTCQB: MURMF)
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MURCHISON MINERALS LTD. NEWS RELEASE
Murchison is a Canadian ‐based exploration company focused on nickel -copper-cobalt
exploration at the 100% - owned HPM Project in Quebec and the exploration and development of
the 100% - owned Brabant Lake zinc ‐copper‐silver project in north ‐central Saskatc hewan.
Murchison currently has 241.1 million shares issued and outstanding.
Additional information about Murchison and its exploration projects can be found on the
Company’s website at www.murchisonminerals.ca. For further information, please contact:
Troy Boisjoli, President and CEO or
Erik H Martin, CFO
Justin LaFosse, Director Corporate Development
Tel: (416) 350‐3776
Forward‐Looking Information
The content and grades of any mineral deposits at the Company’s properties are conceptual in nature. There has been insufficient exploration to define a
mineral resource on the property and it is uncertain if further exploration will result in any target being delineated as a m ineral resource.
Certain information set forth in this news release may contain forward -looking information that involves substantial known and unknown risks and
uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company,
including, but not limited to, the impact of general economic c onditions, industry conditions, and dependence upon regulatory approvals. FLI herein
includes, but is not limited to: future drill results; stakeholder engagement and relationships; parameters and methods used with respect to the assay
results; the prospects, if any, of the deposits; future prospects at the deposits; and the significance of exploration activities and results. FL I is designed
to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any futu re results, performance or achievements expressed or implied by such FLI.
Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reaso nable assumptions, the
Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as
there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person as sumes
responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no
obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise
noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue
reliance on the FLI or information contained herein. Further more, should one or more of the risks, uncertainties or other factors materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those described in FLI. Assumptions upon whic h FLI is based, without
limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company
to complete further exploration activities; the legitimacy of title and property interests in the deposits; the accuracy of key assumptions, parameters or
methods used to obtain the assay results; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of
the global economic climate; metal prices; environment al expectations; community and nongovernmental actions; and any impacts of COVID -19 on the
deposits, the Company’s financial position, the Company’s ability to secure required funding, or operations. Risks and uncertainties about the Company’s
business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are availa ble at
www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of th e TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this releas e.