Tectonic Metals Announces Crescat Becoming a Control Person and Closing of Related Tranche

VANCOUVER, BC / ACCESSWIRE / September 29, 2023 / Tectonic Metals Inc. (TSX-V:TECT)(OTCQB:TETOF)(FSE:T15B) ( " Tectonic " or the " Company " ), a junior explorer that applies a disciplined and up-front approach to addressing the economics, community benefits, and sustainability of its projects, today announced that Crescat Capital LLC (including its associates and affiliates - together " Crescat ") and the Company received approval from disinterested shareholders at the Company's Annual General and Special Meeting on September 21, 2023, as well as TSXV approval, for Crescat to become a Control Person as defined by the Securities Act and in the TSXV's policies. Concurrent with this approval, the Company closed a final tranche (the " Final Tranche ") of the previously announced a brokered private placement (the " Offering ") for gross proceeds of $560,000 from Crescat. Closing of the Final Tranche was subject to Crescat becoming a Control Person and attaining TSXV approval. Unless otherwise noted, all amounts are expressed in Canadian dollars.

The $560,000 raised in the Final Tranche consisted of the issuance of 5,090,909 units of the Company (a " Unit ") at a price of $0.11 per Unit. The Final Tranche was different from the first and second tranches (see prior press releases for details on those tranches), noting the Final Tranche was unbrokered and did not include any shares issued pursuant to the listed issuer financing exemption ("LIFE") under Part 5A of NI 45-106. Aggregate gross proceeds of the Offering was $8,229,881 (including the first, second, and Final Tranche).

Each Unit of the Final Tranche is comprised of one common share in the capital of the Company (a " Common Share ") and one-half of one Common Share purchase warrant (each whole Common Share purchase warrant, a " Warrant "). Each Warrant entitles the holder thereof to purchase one Common Share (a " Warrant Share ") for a period of 24 months following the closing date of the Offering at an exercise price of $0.15. The Units are subject to a statutory hold period of four months in accordance with applicable Canadian securities laws. Securities issued to US investors under the Offering are subject to a six-month hold period.