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VANCOUVER, BRITISH COLUMBIA, Oct. 15, 2026 (GLOBE NEWSWIRE) — 1470350 B.C. Ltd. (the “Company”) is pleased to announce that it has closed a non-brokered private placement of subscription receipts (the “Subscription Receipts”) for gross proceeds of approximately C$16.5 million (the “Subscription Receipt Financing”) in connection with its previously announced proposed business combination (the “Proposed Transaction”) with Orior Metals Corp. (“Orior”). Together with approximately C$3.5 million invested or committed directly into Orior, total financing in connection with the Proposed Transaction now stands at approximately C$20 million, including approximately C$6.5 million invested or committed by directors and members of management of the Company upon the completion of the Proposed Transaction (the “Resulting Issuer”).

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Orior is a private company that holds an option to acquire a 100% interest in the Revel Ridge project, an advanced-stage, gold-dominant polymetallic project located approximately 42 kilometres by road north of Revelstoke, British Columbia (the “Revel Ridge Project”). Upon completion of the Proposed Transaction, the common shares of the Resulting Issuer (the “Resulting Issuer Shares”) will be listed on the TSX Venture Exchange (the “Exchange”), and the Resulting Issuer will indirectly hold the option on the Revel Ridge Project.

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“We are grateful for the very strong level of interest we have received from investors in this financing,” said Simon Marcotte, incoming President and Chief Executive Officer of the Resulting Issuer. “The significant participation of incoming insiders underscores our confidence in the opportunity presented by the Revel Ridge Project. We thank all of our investors for their interest and support as we work towards completing the Proposed Transaction.”

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Subscription Receipt Financing

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Pursuant to the Subscription Receipt Financing, the Company issued 71,739,523 Subscription Receipts at a price of C$0.23 per Subscription Receipt, for aggregate gross proceeds of approximately C$16.5 million. Upon satisfaction or waiver of certain escrow release conditions, including the satisfaction or waiver of all conditions precedent to the Proposed Transaction (the “Escrow Release Conditions”), each Subscription Receipt will be automatically exchanged, without further action or payment by the holder, for one Resulting Issuer Share.

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The Subscription Receipts were issued pursuant to a subscription receipt agreement dated October 15, 2026 (the “Subscription Receipt Agreement”) between the Company and Endeavor Trust Corporation (“Endeavor”), as subscription receipt agent, pursuant to which the gross proceeds of the Subscription Receipt Financing, less certain expenses of the Company payable on closing (the “Escrowed Proceeds”), are being held in escrow by Endeavor pending satisfaction or waiver of the Escrow Release Conditions. If the Escrow Release Conditions are not satisfied or waived by 5:00 p.m. (Vancouver time) on February 28, 2027, or such later date as the Company may determine, the Subscription Receipts will be cancelled and holders will be entitled to receive an amount equal to the aggregate purchase price of their Subscription Receipts, together with their pro rata share of the interest earned on the Escrowed Proceeds, less any applicable withholding taxes.

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Direct Investments into Orior

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On September 18, 2026, Orior completed a non-brokered private placement of units (the “Orior Units”) for gross proceeds of approximately C$2 million, subscribed for primarily by incoming directors and members of management of the Resulting Issuer. The Orior Units were issued at a price of C$0.23 per Orior Unit, being the same price as the Subscription Receipts, with each Orior Unit comprised of one common share of Orior (an “Orior Share”) and one-half of one common share purchase warrant of Orior (each whole warrant, an “Orior Warrant”). Each Orior Warrant entitles the holder to purchase one Orior Share at an exercise price of C$0.70 on a post-Consolidation (as defined below) basis for a period of 36 months following the closing date. Upon the completion of the Proposed Transaction, the Orior Warrants are expected to be exchanged for equivalent common share purchase warrants of the Resulting Issuer.