Mr. Joness Lang reports

CANTER RESOURCES CLOSES $3.2M FIRST TRANCHE OF ITS NON-BROKERED PRIVATE PLACEMENT

Canter Resources Corp. has closed the first tranche of its non-brokered private placement raising gross proceeds of $3,200,700 through the issuance of 6,401,400 units at 50 cents per unit. The company expects to close the final tranche of the offering in early January, 2024.

Each unit consists of one common share in the capital of the company and one-half of one transferrable common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of 70 cents for a period of two years from the closing of the offering.

In the event that the closing price of the shares of the company on the Canadian Securities Exchange (or such other stock exchange on which the shares are traded) is equal to or greater than 95 cents per share for a period of five consecutive trading days during the warrant exercise period, the company may at its option elect to accelerate the expiry of the warrants by providing notice to the holders thereof within 10 calendar days following the end of such five-consecutive-trading-day period, in which case the warrants will expire on the date specified in such notice, which shall be not less than 30 calendar days following delivery of such notice.

The warrants were issued pursuant to a warrant indenture dated Dec. 21, 2023, entered into between the company and Odyssey Trust Company, as warrant agent.

Joness Lang, chief executive officer and a director of the company, purchased 125,000 units in the offering and Brian Goss, a director of the company, purchased 50,000 units in the offering. The participation by such insiders in the offering constituted a "related party transaction" as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

The company paid finders' fees of $96,460 cash and 192,920 finders' warrants in connection with the closing of the first tranche of the offering. The finder's warrants are exercisable at 50 cents per share until the expiry date.

The company will use the net proceeds from the offering to complete phase I drilling and exploration work at the Columbus lithium-boron project, evaluate and stake additional claims prospective for critical metals, and for general corporate purposes, including salaries, consulting fees, legal and accounting fees, and investor relations expenses.

About Canter Resources Corp.

Canter Resources is a Canadian junior mineral exploration company advancing the Columbus lithium-boron project in Nevada, the Beaver Creek lithium property in Montana and the Puzzle Lake property in Saskatchewan. The company is preparing for a phase I drill campaign at Columbus to test a highly prospective lithium-brine target and plans to leverage the company's critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the domestic clean energy supply chain in North America.

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