Gladiator Metals Completes $2.1 Million First Tranche of Brokered Private Placement

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VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) -- Gladiator Metals Corp. (TSXV: GLAD / OTC Markets: GDTRF / FSE: ZX7) (“Gladiator” or the “Company”), is pleased to announce that it has closed a first tranche of its previously announced brokered private placement offering (the “Offering”) of 3,858,018 units of the Company (each, a “Unit”) at a price of $0.55 per Unit for aggregate gross proceeds of approximately $2.1 million, including a non-brokered portion for gross proceeds of $0.1 million. The Offering was led by Research Capital Corporation as lead agent and sole bookrunner (the “Lead Agent”), on behalf of a syndicate of agents, including Beacon Securities Limited (together with the Lead Agent, the “Agents”). A second and final tranche of the Offering, for additional gross proceeds of approximately $5.5 million, including a concurrent non-brokered portion of $0.75 million, is expected to be completed on or before July 7^th. The aggregate gross proceeds from both tranches of the Offering is expected to be approximately $7.6 million.

Each Unit consisted of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.90, for a period of 24 months following the closing of the Offering.

The net proceeds from the sale of Units will be used for the Company’s ongoing exploration drilling program, working capital requirements and other general corporate purposes.

The Units issued pursuant to first tranche of the Offering are subject to a four-month and one day hold period under applicable Canadian securities laws.

In connection with the Offering, the Company paid the Agents a cash commission of $118,014 and issued to the Agents 214,572 compensation warrants of the Company (the “Compensation Warrants”). Each Compensation Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.55 per Common Share for a period of 18 months following the closing of the Offering. The Company also paid the Agents a corporate advisory fee consisting of $3,000 and 5,454 Compensation Warrants.