Amarc Resources (TSX-V:AHR) has closed a previously announced, fully subscribed C$20 million ($20.19 million) private placement to advance exploration at its Joy District in British Columbia, Canada.
The company issued 20 million common shares at C$1.00 per share. Proceeds will fund exploration expenditures at the Joy District, working capital, general corporate purposes, project investigations, and progress at the Duke and Ike properties.
The placement attracted institutional investors focused on the broader potential of the Joy District, home to the Aurora gold-copper deposit discovered in 2024.
CEO Dr Diane Nicolson says the investors that participated in the offering also see “the broader tier one potential” of Joy.
“Amarc believes Aurora, a deposit with strong gold and copper grades in the near surface environment, continuity of mineralisation, positive geometry, and growing scale, is not only important to unlocking the potential of the Joy district, but may well stand to be the key to the future development of the Toodoggone region,” Nicolson says.
The shares are subject to a four-month-and-one-day hold period in Canada expiring 10 January 2027. Agentis Capital Mining Partners acted as financial adviser.
Amarc’s Joy and Duke districts have secured over $144 million in strategic partner funding from Freeport McMoRan and Boliden.
Amarc Resources is a Canadian explorer focused on large-scale porphyry copper–gold systems across the Joy, Duke, and Ike districts in British Columbia.
Write to Paula Fabe at Mining.com.au
Images: Amarc Resources
