Cullinan Metals Corp. announced a non-brokered private placement to issue 943,397 Quebec flow-through units at a price of CAD 0.265 per Quebec flow-through unit for gross proceeds of up to CAD 250,000.205 and up to 250,000 non-flow-through units at a price of CAD 0.20 per unit for gross proceeds of up to CAD 50,000; aggregate gross proceeds of CAD 300,000.205 on October 12, 2023. Each Quebec flow-through unit consists of one flow-through common share and one-half of one transferrable non-flow-through common share purchase warrant.

Each NFT Warrant entitles the holder to purchase one additional share at a price of CAD 0.40 per share for a period of 2 years following closing of the QC FT Offering. Each unit consists of one common share and one transferrable common share purchase warrant. Each Warrant entitles the holder to purchase one additional share at a price of CAD 0.30 per share for a period of 3 years following closing of the NFT Offering.

The Company may pay finder?s fees as consideration for the services provided by finders in connection with the QC FT and NFT Offerings. Closing of the Offerings is expected to occur on or before October 18, 2023. All securities to be issued pursuant to the Offerings will be subject to a restricted hold period of four months and one day under applicable Canadian securities legislation.