Genesis Acquisition in Canada Plans to Raise $325,000 to Advance Nickel Mine Acquisition

Wedoany.com Report on Feb 10th, Genesis Acquisition Corp. announced that, subject to approval by the TSX Venture Exchange (TSXV), the company intends to conduct a non-brokered private placement, issuing up to 1,625,000 common shares at a price of $0.20 per share to raise a maximum of $325,000.

The shares issued in this private placement will be subject to a hold period of four months and one day in accordance with Canadian securities laws and TSXV policies. The company plans to use a portion of the net proceeds to cover costs associated with advancing its previously announced qualifying transaction with Nusa Nickel Corp. (Nusa). Additionally, the company expects to lend up to $162,500 to Nusa. This loan will carry an annual interest rate of 8.5%, have a term of one year, be secured against Nusa's assets, and may be forgiven under certain conditions.

The company stated that certain directors and officers may participate in this non-brokered private placement. If they do, the transaction will be considered a related party transaction. The company has also entered into an agreement with Nusa to extend the deadlines for submitting audited financial statements and the technical report to February 13, 2026, and February 28, 2026, respectively.

Genesis Acquisition Corp. is a capital pool company formed under TSXV policies, whose primary business is to identify and evaluate acquisition opportunities to complete a qualifying transaction. Company representative Charles Blair Wilson noted that this non-brokered private placement aims to support the progress of the qualifying transaction with Nusa, but it is ultimately subject to TSXV approval and market conditions.