Krait Critical Minerals closes second tranche of financing

VANCOUVER, British Columbia - Krait Critical Minerals Corp. successfully completed its second tranche of a private placement, issuing 1,631,100 common shares at $0.75 each, generating gross proceeds of $1,223,325, according to a press release. This brings the company's total issuance under the offering to 2,016,099 shares and $1,512,074.25 in gross proceeds.

The offering was expanded to a maximum of $2,000,000 on September 16, 2026, with no additional warrants provided to subscribers. Krait paid $3,675 in cash finder's fees and issued 4,900 non-transferable finder's warrants, allowing holders to purchase one share at $0.95 for one year following issuance. The company anticipates closing the final tranche within about a week, contingent on completing all necessary regulatory approvals and meeting customary closing conditions.

The proceeds will be allocated towards exploration efforts at the Goldbar Spider Lake Project in Ontario, continued assessment of assets via subsidiary Nevada Hills Antimony LLC, encompassing interests in the Bales Antimony Project and Antimony Bell Project in Washington State, and general working capital. Shares and finder's warrants issued in the second tranche are subject to a four-month and one-day hold period starting from their issuance dates.

Krait finalized its acquisition of Nevada Hills Antimony LLC on September 16, 2026, which holds contractual rights to acquire the Bales claims. The Goldbar Spider Lake Project consists of 148 mining claims and 171 claim units spanning 3,636 hectares in Ontario's Thunder Bay Mining Division. Krait retains an option to acquire a 100% interest, subject to a 3% net smelter return royalty.