Mantra Exploration Inc. Closes Private Placement

December 31, 2021 2:53 PM EST | Source: Mantra Exploration Inc.

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2021) - Mantra Exploration Inc. (the "Company") is pleased to announce that it has closed its non-brokered private placement (the "Private Placement") for aggregate proceeds of C$76,250. The Company issued 1,525,000 units of the Company (each, a "Unit") at a price of $0.05 per Unit. Each Unit is comprised of one flow-through common share of the Company (a "FT Share") and one transferrable common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase an additional common share of the Company (a "Share") at an exercise price of $0.05 per Share for a period of five years from the date of issuance.

The FT Shares qualify as "flow-through shares" for purposes of the Income Tax Act (Canada) (the "Act"). The Company intends to use the proceeds from the Private Placement to incur eligible Canadian Exploration Expenses and flow-through mining expenditures (as defined under the Act) that will be renounced in favour of the purchasers under the Private Placement.

All securities issued under the Private Placement are subject to a four month hold period that will expire on May 1, 2022. No finder's fees were issued under the Private Placement.

For more information please email rchowdhry@futuracapitalltd.com.com.

Contact Information

Mantra Exploration Inc.
Raj Chowdhry, Chief Executive Officer
Email: rchowdhry@futuracapitalltd.com
Telephone: (604) 765 - 2030

Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the use of proceeds from the Private Placement constitute "forward-looking information" within the meaning of Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will be able to use the proceeds of the Private Placement as anticipated. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks include, among others, inability to use the proceeds from the Private Placement as anticipated. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Not for distribution to United States newswire services or for dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108807

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