Perseverance Metals (TSX-V:PMI) has closed a non-brokered private placement raising US$11.78 million ($16.9 million) to advance drilling at its Voyageur Project in Michigan, US.
The company issued around 18.12 million common shares at US$0.65 per share, attracting institutional investment from Teck Resources (NYSE:TECK), Altius Minerals (TSX:ALS), Crescat Capital, and NQIM, a regional investment fund in Québec, Canada.
President John Foulkes says institutional interest validates the company’s recent Osprey discovery and strategic positioning.
“The exceptional institutional and industry interest in this financing is a clear endorsement of our recent Osprey discovery, the strategic importance of our Voyageur project, and the value of our North American critical minerals portfolio,” Foulkes says.
“With a robust treasury now in place, we are accelerating our efforts in Michigan in pursuit of economic mineralisation at Osprey and new discoveries across the greater Voyageur project.”
Proceeds will finance diamond drilling at the 680km² Voyageur Project, as well as exploration at the Lac Gayot Project in Québec and the Armit Lake Project in Ontario.
Perseverance paid $42,543 in finder fees and issued 65,450 finder warrants exercisable at US$0.65 per share for 24 months. Company insiders purchased 92,300 shares.
The placement remains subject to final TSX Venture Exchange approval, with securities subject to a four-month statutory hold period.
Perseverance Metals is a critical mineral explorer with a project portfolio in key North American nickel-copper-cobalt-platinum-group-element and hardrock lithium regions, including Michigan’s Mid-Continent Rift and Quebec’s prolific James Bay district.
Write to Paula Fabe at Mining.com.au
Main image: Perseverance Metals
