Arras Minerals (TSX-V:ARK) has closed its upsized bought deal financing, raising C$25 million ($25.41 million) through the issuance of 18,382,175 common shares at C$1.36 apiece.
The offering included the full exercise of the underwriters’ option. Haywood Securities led the syndicate, which also included SCP Resource Finance, Canaccord Genuity, and Hannam & Partners.
Net proceeds will be used for exploration and development activities at Arras’ Kazakhstan properties, working capital, and general corporate purposes.
Financing was completed under the listed issuer financing exemption in all Canadian provinces except Québec. The underwriters received a 6% cash commission on gross proceeds.
Company insiders participated in the offering, acquiring 2.75 million shares.
The insider participation constitutes a related-party transaction under TSX-V policies, though the company is exempt from formal valuation and minority shareholder approval requirements as the transaction value remains below 25% of market capitalisation.
Arras Minerals did not file a material change report 21 days before closing, as the offering details and insider participation were finalised recently and the company sought to close on an expedited basis.
The Vancouver-based explorer is advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Elemes Copper-Gold Porphyry Project where initial drilling in 2025 identified porphyry-style mineralisation across a 10km strike length.
Shares issued under the financing are not subject to statutory hold periods under Canadian securities laws. However, shares issued to insiders may face a four-month resale restriction under TSX-V policies.
Write to JC Villarba at Mining.com.au
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