Arras Announces Private Placement for Gross Proceeds of C$10M

VANCOUVER, British Columbia, Dec. 20, 2021 (GLOBE NEWSWIRE) — Arras Minerals Corp. (“Arras”) is pleased to announce that it has completed a private placement, whereby the Company issued 9,994,000 common shares (the “Shares”) at a price of C$1.00 per Share for aggregate gross proceeds of C$9,994,000 (the “Private Placement”).

Directors and management (and their affiliates) of the Company purchased 365,000 Shares (C$365,000) in the Private Placement.

The net proceeds of the Private Placement will be used by Arras to fund exploration activities, technical studies and permitting on the Beskauga project, which the Company holds an option to purchase agreement on, and other exploration activities in Kazakhstan, as well as for general and working capital purposes in managing the Kazakhstan projects.

All securities issued pursuant to the Private Placement are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Private Placement and will be restricted securities for purposes of U.S. securities laws.

Darren Klinck, President stated, “We are very pleased with the support we have received in this private placement financing from current shareholders and welcome many new shareholders to Arras. Our drilling and technical activities in Kazakhstan are continuing as planned and we have established a full compliment of technical professionals to drive the programs forward into 2022.”

About Arras Minerals Corp. Arras is a British Columbia incorporated company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Beskauga copper-gold project, over which it holds an option to purchase from Copperbelt AG (“Copperbelt”), a public, non-listed mineral exploration company registered in Zug, Switzerland.

On behalf of the Board of Directors
“Tim Barry”

Tim Barry, CPAusIMM
Chief Executive Officer and Director

+1 604 687 5800
[email protected]

Cautionary note regarding forward looking statements: This news release contains forward-looking statements regarding future events and Arras’ future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the expected use of funding. These statements are based on current expectations, estimates, forecasts, and projections about Arras’ exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras’ management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management’s control, including such factors as whether the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption “Risk Factors” in the Form 20-F filed with the SEC on September 1, 2021 available on Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

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