District Metals Announces Upsize of Bought Deal Private Placement Financing to $4.5 Million

VANCOUVER, British Columbia, Jan. 16, 2024 (GLOBE NEWSWIRE) — District Metals Corp. (TSX-V: DMX) (OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce that, due to strong investor demand, it has entered into an agreement with PI Financial Corp. as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters (the “Underwriters”), to increase the size of the previously announced bought deal private placement financing from $4,004,000 to $4,510,000 (the “Offering”).

Pursuant to the amended terms, the Underwriters will purchase, on a “bought deal” basis, 20,500,000 units (the “Units”) of the Company at a price of C$0.22 per Unit (the “Offering Price”) for aggregate gross proceeds of C$4,510,000. Each Unit shall be comprised of one common share (“Common Share”) in the capital of the Company and one half of one transferable Common Share purchase warrant (each whole such Common Share purchase warrant, a “Warrant”). Each whole Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of C$0.30 for a period of 36 months from the closing date of the Offering (the “Closing Date”).