Nevada Sunrise Metals (TSX-V:NEV) is raising up to C$1.26 million ($1.28 million) to fund operating expenses and cover outstanding payables for the next 12 months.
The company will issue 42 million units at C$0.03 per unit, with each unit comprising one share and one purchase warrant.
Each warrant will entitle the holder to one share at C$0.05 for a three-year period following closing.
Funds will be split across operating expenses and outstanding payables, including $800,000 for mineral exploration expenditures, $155,000 for mineral property option payments, $69,500 for investor relations and promotion, $195,000 for management fees and salaries, and $40,500 for other outstanding payables.
As reported by Mining.com.au in late May, Nevada Sunrise entered an earn-in option agreement with American Metals Exploration to acquire a 79% stake in the Fivemile Gold Project.
The project holds 266 unpatented mineral claims across 5,496 acres, located in the Cortez Mining District of Nevada, US.
Nevada Sunrise Metals is a junior explorer focused on gold, copper, and lithium.
Write to Maddison Elliott at Mining.com.au
Images: Nevada Sunrise Metals
