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SLAM Raises $2,072,750 From Oversubscribed Private Placement
SLAM Raises $2,072,750 From Oversubscribed Private Placement
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States
MIRAMICHI, NB / ACCESS Newswire / March 12, 2026 / SLAM Exploration Ltd. (TSXV:SXL) ("SLAM" or the "Company") is pleased to report that it has closed the non-brokered private placement previously announced on February 18, 2026, upsized on February 20, 2026 (the "Offering") and a final upsize on closing to 23,030,553 units (the "Units") issued at a price of $0.09 per Unit for gross proceeds of up to $2,072,750.
The Offering consisted of:
18,141,664 flow-through CMETC units of the Company (each, a "FT CMETC Unit") issued at a price of $0.09 per FT CMETC Unit. Each FT CMETC Unit is intended to be issued on the basis that the Company will incur and renounce Canadian exploration expenses that are expected to qualify as flow-through mining expenditures that are critical mineral exploration expense eligible for purposes of the Critical Mineral Exploration Tax Credit under the Income Tax Act (Canada);
3,000,000 flow-through units of the Company (each, a "FT Unit") issued at a price of $0.09 per FT Unit. Each FT Unit is intended to be issued in respect of Canadian exploration expenses expected to qualify as 'Canadian exploration expense' under the Income Tax Act (Canada); and
1,888,889 non-flow-through units of the Company (each, a "NFT Unit") issued at a price of $0.09 per NFT Unit.
Each FT CMETC Unit and FT Unit is comprised of:
One (1) flow-through common share of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share"); and
One-half (1/2) of one common share purchase warrant, with two (2) such half-warrants being exercisable together as one (1) whole common share purchase warrant (each whole warrant being, a "Warrant").
Each NFT Unit is comprised of:
One (1) common share of the Company (each, a "Common Share"); and
One (1) Warrant.
Each whole Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.13 per Common Share for a period of two (2) years following the closing date of the Offering, subject to acceleration in certain events.
The gross proceeds received by the Company from the issuance of the FT CMETC Units will be used to incur eligible "Canadian exploration expenses" ("CEE") that are expected to qualify as flow-through critical mineral mining expenditures (as defined in the Income Tax Act (Canada)) and are intended to be spent on the Company's Goodwin project. Such expenditures are expected to qualify as "critical mineral exploration expense" for purposes of the 30% Critical Mineral Exploration Tax Credit available under applicable law to eligible subscribers.
The gross proceeds received by the Company from the issuance of the FT Units will be used to incur eligible CEE on the Company's gold projects and are not expected to qualify as flow-through critical mineral mining expenditures or for the Critical Mineral Exploration Tax Credit.
The Company will renounce qualifying CEE to subscribers of FT CMETC Units and FT Units with an effective date no later than December 31, 2026 (or such other date as may be permitted under applicable tax legislation).
The proceeds received by the Company from the issuance of the NFT Units, and any proceeds received on the exercise of Warrants, will be used for general working capital purposes, corporate development activities, and other business objectives as determined by management.
The Offering is subject to the final approval of the TSX Venture Exchange (the "TSXV") and all other required regulatory approvals. All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the closing date expiring on July 12, 2026 in accordance with Canadian securities laws.
The Company has issued 420,000 finder warrants (the "Finder Warrants") and paid $37,800 in cash in connection with the Offering. Each whole Finder Warrant will entitle the holder to purchase one additional Common Share at an exercise price of $0.13 per Common Share for a period of two (2) years following the closing date of the Offering, subject to acceleration in certain events.
Proceeds received from the FT Units will be used to fund exploration on SLAM's gold, zinc, copper and nickel projects in New Brunswick, Canada.
Insider Participation: One Company insider participated in the Offering, paying $199,999.87 for 2,222,222 FT CMETC Units. The participation by such insider is a "related-party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an available exemption.
About SLAM Exploration Ltd: SLAM Exploration Ltd. is a publicly listed resource company with a 40,000-hectare portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. This portfolio is built around the Goodwin Copper Nickel Cobalt project in the Bathurst Mining Camp ("BMC") of New Brunswick. The Company drilled 10 holes in the 2025 diamond drilling campaign on the Goodwin copper-nickel-cobalt project. This followed significant copper, nickel and cobalt intercepts from 15 diamond drill holes reported by the Company in 2024. These include a 64.90 meter core interval, grading 2.19% Cu-Eq (copper-nickel-cobalt), including 3.84% Cu-Eq over a 31.20 meter core interval from hole GW24-02 as reported in a news release August 7, 2024. Significant gold values were also reported with up to 3.31 grams per tonne over 0.5m in hole GW24-01.
The Company discovered a new gold vein at Jake Lee in 2025 and recently reported up to 40.5 g/t gold and 63.30 g/t silver from channel samples cut from the vein. A 200 meter by 400 meter soil anomaly with gold grading up to 0.98 g/t gold lies adjacent to the east and north of the new gold vein. The Jake Lee claims are located 25 kilometers southeast of the Clarence Stream gold deposit where Galway Metals Inc. Clarence Stream is host to a 12.4M tonne indicated resource of 922,000 ounces at a grade of 2.31 g/t gold plus an inferred resource of 16.1m tonnes with 1,334,000 ounces at a grade of 2.60 g/t gold. (Reference: "Updated Mineral Resource Statement, Clarence Stream Deposits, New Brunswick, Canada, by SLR Consulting (Canada) Ltd., March 31, 2022").
The Company reported an expansion of the soil coverage on the Menneval gold project on January 7, 2026. A gold soil anomaly extends approximately 3,000 meters by 2,500 meters with gold-bearing samples ranging from 0.005 grams per tonne ("g/t") to 0.683 g/t gold. The results indicate potential extensions to a swarm of quartz veins previously discovered by SLAM. The Company previously reported core intervals include 3,955 g/t gold over 0.1m from the No. 18 vein (December 03, 2020), as well as 162.5 g/t gold over 0.2 m (December 13, 2021) and 56.90 g/t gold over 0.5 m (November 22, 2022) from the Maisie vein.
The Company is a project generator and expects to receive significant cash and share payments in 2026. SLAM received 1,200,000 shares plus cash from Nine Mile Metals Inc. (NINE) in 2025 pursuant to the Wedge project agreement. Also in 2025, the Company received a cash payment of $60,000 as well as 180,000 shares of a private company pursuant to the Ramsay gold agreement. The Company holds NSR royalties and expects to receive additional cash and share payments on the Wedge copper zinc project and on the Ramsay gold project.
To view SLAM's corporate presentation, click SXL-Presentation. Additional information is available on SLAM's website and on SEDAR+ at www.sedarplus.ca. Follow us on X @SLAMGold.Join our company newsletter by clicking SXL-News to receive timely company updates and press releases relating to SLAM Exploration.
Qualifying Statements: Mike Taylor P.Geo, President and CEO of SLAM Exploration Ltd., is a qualified person as defined by National Instrument 43-101, and has approved the contents of this news release.
CONTACT INFORMATION:
Mike Taylor, President & CEO
Contact: 506-623-8960
[email protected]
Jimmy Gravel, Vice-President
Contact 902-273-2387
[email protected]
SEDAR+: 00012459
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements relate to future events or future performance and reflect management's current expectations and assumptions. Forward-looking statements are often, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "may," "could," "would," "might," "will," or similar expressions.
Forward-looking statements in this news release include, but are not limited to: the completion and timing of the Offering; the anticipated gross proceeds; the intended use of proceeds; the incurrence and renunciation of Canadian exploration expenses; the qualification of such expenses as "Canadian exploration expense," flow-through critical mineral mining expenditures, or "critical mineral exploration expense" for purposes of the Critical Mineral Exploration Tax Credit; the timing of renunciation of CEE; and the acceptance of the Offering by the TSXV.
Forward-looking statements are based on assumptions believed by management to be reasonable at the time such statements are made. However, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. Such risks and uncertainties include, without limitation: the risk that the Offering may not be completed on the terms announced or at all; that regulatory approval may not be obtained; that the Company may not incur qualifying expenditures in the anticipated timeframe or in the amounts expected; that such expenditures may not qualify as Canadian exploration expense, flow-through critical mineral mining expenditures, or for the Critical Mineral Exploration Tax Credit; changes in tax laws or their interpretation; market conditions; financing risks; and other risk factors described in the Company's public disclosure filings available on SEDAR+.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: SLAM Exploration Ltd.
View the original press release on ACCESS Newswire
M.Johnson--SMC
