Teako Minerals Corp. announced a non-brokered private placement of up to 12,000,000 non-flow through unit at a price of CAD 0.10 per non-flow through unit, for gross proceeds of up to CAD 1,200,000, and up to 4,000,000 flow-through shares at a price of CAD 0.13 per flow-through share, for gross proceeds of up to CAD 520,000 for aggregate gross proceeds of up to CAD 1,720,000 on July 6, 2023. The transaction will include participation from existing and prospective investors.

Each non-flow through unit will be comprised of one common share and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to purchase one common share at a price of CAD 0.20 for a period of 36 months from closing of the financing. Each flow through share will be comprised of one flow-through common share. The warrants will include an acceleration clause to the effect that if at any time after the statutory 4-month and one day hold period from the closing date, the daily volume weighted average closing price of the common shares on the CSE is at least CAD 0.40 per share for a period of 10 consecutive trading days.

The company may pay a finder’s fee within the maximum amount permitted by the policies of the CSE. The company may complete multiple closings of the transaction, as subscriptions are received. Each closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

The closing of the transaction is subject to certain customary conditions, including, without limitation, approval of the CSE. The securities issued under the transaction will be subject to a hold period which will expire four months and one day from the date of closing of the transaction.