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Phenom Resources Corp. (TSX.V: PHNM) has closed its fully subscribed non-brokered private placement previously announced on Feb. 25, 2022. Under the offering, the company has issued six million units for gross proceeds of $3-million. No finder's fees were paid in connection with the offering.

The swiftness of the closing is a reflection of the placement being taken by eight investors, including strategics. Rob McEwen subscribed for half of the financing. Eric Muschinski subscribed for one million units and Tookie Angus, business adviser for the company, added to his share position.

John Anderson, a director of the company, participated in the offering and purchased 100,000 units for gross proceeds of $50,000. Participation by the insider in the offering is considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insider's participation in the offering, in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the offering by the insider did not exceed 25 per cent of the fair market value of the company's market capitalization.

All securities issued under the offering are subject to a hold period expiring July 4, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

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