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Norra Metals Announces Private Placement Financing

·2 min read

VANCOUVER, BC, Jan. 17, 2022 /CNW/ - Norra Metals Corp. ("Norra" or the "Company") (TSXV: NORA) (Frankfurt: 1KO) (OTC: NRRMF) intends to complete a non-brokered private placement, on a best efforts basis, of up to 10,000,000 units (the "Units") with a 20% over-allotment option at a price of $0.065 per Unit for gross proceeds of up to $650,000 (the "Offering").

Norra project in Norway (CNW Group/Norra Metals Corp.)
Norra project in Norway (CNW Group/Norra Metals Corp.)

Each Unit is comprised of one common share of Norra (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.12 for a period of 24 months following the date of closing.

Closing of the Offering is expected to occur on or about February 15, 2022 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder's fee may be payable in line with the policies of the TSX Venture Exchange.

All securities issued in connection with the Offering will be subject to a hold period of four-months and one-day as set out in National Instrument 45-102. The Company intends to use the net proceeds to fund the exploration expenditures at the Company's exploration assets in Norway and for working capital.

About Norra Metals
Norra Metals Corp. (TSX-V: NORA) (FSE: 1KO) (OTC: NRRMF) is a Canadian-based precious and base metals exploration company. The Company's Norwegian assets include the past-producing Bleikvassli polymetallic, zinc-copper-lead-silver underground mine project and the high-grade Meråker copper-zinc-gold exploration project. The Company also holds a 100% interest in the Pyramid copper-gold porphyry project located in Northwest British Columbia. For more information, please visit www.norrametals.com.

ON BEHALF OF THE BOARD OF
NORRA METALS CORP.

Per: "Minaz Devji"

Minaz Devji,
CEO and Director

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.

SOURCE Norra Metals Corp.

Cision
Cision

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