Blue Moon Metals (TSX-V:MOON) has closed a C$35 million ($35.58 million) non-brokered private placement with The Elmet Group (NASDAQ:ELMT).
Blue Moon issued 3.5 million units at C$10 each, with the net proceeds earmarked solely for development of the Springer Tungsten Complex in Nevada, US.
Each unit comprises one common share and one warrant exercisable at C$10.80 for three years.
The securities carry a four-month-and-one-day Canadian hold period. The placement remains subject to final TSX Venture Exchange approval.
Elmet gains board representation
Blue Moon and Elmet have also entered an investor rights agreement covering board nomination, equity participation, top-up, and information rights.
Under the agreement, William Jacob Homiller joined Blue Moon’s board on 16 October. Homiller previously led carbon-removal technology company CarbiCrete and tungsten products manufacturer HC Starck Solutions.
The placement forms part of Elmet’s investment in Springer announced in September. Elmet supplies precision-engineered components and high-energy systems to sectors including aerospace, defence, manufacturing, and energy.
The financing follows Blue Moon’s expansion into 33 tungsten and antimony projects in the western US, as previously reported by Mining.com.au. Those properties are separate from Springer, to which the placement proceeds are restricted.
Blue Moon Metals is a Canadian developer advancing six brownfield polymetallic projects in the US and Norway.
Write to France Pinzon at Mining.com.au
Main image: Blue Moon Metals
