Power Metallic Mines Announces Upsize of Brokered LIFE Offering for Gross Proceeds of up to C$30 Million
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Power Metallic Mines Announces Upsize of Brokered LIFE Offering for
Gross Proceeds of up to C$30 Million
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES
Toronto, ON, May 29, 2026 – Power Metallic Mines Inc. (“Power Metallic” or the Company”)
(TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce that as a result of
strong investor demand, the Company and Red Cloud Securities Inc. (“Red Cloud”) have
agreed to increase the maximum gross proceeds of the Company’s previously announced “best
efforts” private placement (the “Marketed Offering”) from C$25,000,000 to C$30,000,000.
Pursuant to the upsized Marketed Offering, the Company has agreed to sell up to 24,000,000
common shares of the Company (the “Offered Shares”) at a price of C$1.25 per Offered Share
(the “Offering Price”). Red Cloud is acting as lead agent and sole bookrunner on behalf of a
syndicate of agents (collectively, the “Agents”) in connection with the Offering (as defined
herein).
The Company also grants the Agents an option, exercisable in full or in part up to 48 hours prior
to the closing of the Marketed Offering, to sell up to an additional 2,400,000 Offered Shares at
the Offering Price for up to an additional C$3,000,000 in gross proceeds (the “Agents’
Option”). The Marketed Offering and the issuance of securities upon exercise of the Agents’
Option shall be collectively referred to as the “Offering”.
The Company intends to use the net proceeds from the Offering for the advancement of the
Company’s flagship NISK Project in Québec and its Jabul Baudan exploration license in Saudi
Arabia, as well as for general working capital and corporate purposes, as is more fully described
in the Amended Offering Document (as defined herein).
Subject to compliance with applicable regulatory requirements and in accordance with National
Instrument 45-106 - Prospectus Exemptions (“NI 45-106”), the Offered Shares will be offered for
sale to purchasers resident in all of the provinces and territories of Canada and pursuant to the
listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated
Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing
Exemption. The Offered Shares are expected to be immediately freely tradeable in accordance
with applicable Canadian securities legislation if sold to purchasers resident in Canada. The
Offered Shares may also be sold in the United States or to, or for the account or benefit of, U.S.
persons, by way of private placement pursuant to the exemptions from the registration
requirements provided for under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”), and in jurisdictions outside of Canada and the United States on a private
placement or equivalent basis, in each case in accordance with all applicable laws, provided
that no prospectus, registration statement or other similar document is required to be filed in
such jurisdiction.
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There is an amended and restated offering document (the “Amended Offering Document”)
related to the Offering that can be accessed under the Company’s profile on SEDAR+ at
www.sedarplus.ca and on the Company’s website at www.powermetallic.com. Prospective
investors should read this Amended Offering Document before making an investment decision.
The Offering is anticipated to close on June 10, 2026, or such other date as the Company and
Red Cloud may agree (the “Closing Date”). Completion of the Offering is subject to certain
conditions including, but not limited to, the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
The securities have not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not
be offered or sold to, or for the account or benefit of, persons in the United States or U.S.
persons, absent registration under the U.S. Securities Act and all applicable U.S. state
securities laws or in compliance with an exemption therefrom. This news release does not
constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of
the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Power Metallic Mines Inc.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area
(Nisk–Lion–Tiger)--a high–grade Copper–PGE, Nickel, gold and silver system--toward Canada's
next polymetallic mine.
On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80%
of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025
purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls
~330 km² and roughly 50 km of prospective basin margins.
Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the
Tiger target, and exploring the enlarged land package through successive drill programs.
Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land
packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals
Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.
It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan
exploration license in The Kingdon of Saudi Arabia's Jabal Said Belt. The property
encompasses over 200 square kilometres in an area recognized for its high prospectivity for
copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS)
deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad
deposit.
For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
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Cautionary Note Regarding Forward-Looking Statements
This message contains certain statements that may be deemed "forward-looking statements"
concerning the Company within the meaning of applicable securities laws. Forward-looking
statements in this press release include, without limitation, statements regarding the completion
and terms of the Offering, the anticipated Closing Date of the Offering, the intended use of
proceeds of the Offering, the potential exercise of the Agents’ Option, and the approval of the
Offering from the TSX Venture Exchange. Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity,"
"possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or
"should" occur. Although the Company believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees
of future performance, are subject to risks and uncertainties, and actual results or realities may
differ materially from those in the forward-looking statements. Such material risks and
uncertainties include, but are not limited to, among others; the timing for various drilling plans;
the ability to raise sufficient capital to fund its obligations under its property agreements going
forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in
good standing; to explore and develop its projects; changes in economic conditions or financial
markets; the inherent hazards associates with mineral exploration and mining operations; future
prices of nickel and other metals; changes in general economic conditions; accuracy of mineral
resource and reserve estimates; the potential for new discoveries; the ability of the Company to
obtain the necessary permits and consents required to explore, drill and develop the projects
and if accepted, to obtain such licenses and approvals in a timely fashion relative to the
Company's plans and business objectives for the applicable project; the general ability of the
Company to monetize its mineral resources; and changes in environmental and other laws or
regulations that could have an impact on the Company's operations, compliance with
environmental laws and regulations, dependence on key management personnel and general
competition in the mining industry.
For further information on Power Metallic Mines Inc., please contact:
Duncan Roy, VP Investor Relations, 416-580-3862,
CO: Power Metallic Mines Inc.