is pleased to announce, further to its news release of December 4, 2024, that the Company has completed the first tranche of its non-brokered private placement (the 'Financing'). The Company has issued 4,383,462 units (each, a 'Unit') at a price of $0.30 per Unit for gross proceeds of $1,315,039 (all figures in Canadian dollars). Each Unit consists of one common share and one-half of a share purchase warrant, with each full warrant exercisable into one common share at an exercise price of $0.
40 for a period of twelve (12) months from closing. If, at any time after the date of issuance of the warrant, the closing price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above 55 cents per share for a period of 10 consecutive trading days, the Company may, within five days of the triggering event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of news release, and in such case the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the triggering event and all rights of holders of such warrants shall be terminated without any compensation to such holder. Under the first tranche of the Financing, the Company paid $44,100 in cash and issued a total of 130,666 finder’s warrants as finder's fees in consideration for introducing subscribers to the Financing. Finder's fees and commissions are paid in accordance with the policies of the TSXV. None of the proceeds raised will be used to pay 'Non-Arm's Length Parties' (as defined in the policies of the TSXV). The finder’s warrants are non-transferable and are subject to the same terms as the warrants noted above. Pursuant to applicable Canadian securities laws, all securities issued under the private placement are subject to a hold period of four months and one da
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Company Raises \$2.12 Million in Second Tranche of Private PlacementThe company announced the successful completion of a second tranche of its non-brokered private placement, raising gross proceeds of US$1,312,528 (CA$1,837,538.78). Combined with the first tranche, the total gross proceeds amount to US$2,120,550.55 (CA$2,968,769.62). These funds will be used for exploration, development, production activities, as well as corporate G&A and general working capital.
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Company Completes Private PlacementThe company successfully completed a private placement, raising $3.3 million to fund exploration and development activities.
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