Perseverance Metals (TSX-V:PMI) has increased its proposed private placement to approximately C$10 million ($10.06 million) to support drilling in Michigan, US, and exploration in Québec, Canada.
The revised maximum of C$10,000,250 is 25% above the C$8,000,005 offering announced on 15 September. Common shares remain priced at C$0.65 each, implying approximately 15.38 million shares if the placement is fully subscribed.
Perseverance says it intends to direct net proceeds towards its ongoing diamond drilling campaign at the Voyageur Project in Michigan’s Upper Peninsula, continued exploration at the Lac Gayot Project in Québec, and general corporate purposes.
The company is targeting completion in early October 2026, subject to conditions including TSX Venture Exchange approval. The increased offering remains proposed rather than completed, with the final amount raised dependent on subscriptions and closing.
All securities issued under the placement will carry a statutory hold period of four months and one day under Canadian securities laws. Other restrictions may apply in jurisdictions outside Canada.
Perseverance may also pay finder’s fees to eligible parties, subject to applicable securities laws and exchange policies.
Voyageur covers 680km² and targets nickel, copper, cobalt, and platinum group elements (PGE). The company’s inaugural drilling program at the project is underway.
Lac Gayot covers the entire 30km Venus Greenstone Belt and hosts nickel-copper-cobalt-PGE occurrences alongside spodumene-bearing pegmatites.
The portfolio also includes the Armit Lake Project in Ontario, which covers the western half of the Savant Lake Greenstone Belt and targets nickel, copper, and cobalt.
Perseverance Metals is a critical minerals explorer focused on base metals and hard-rock lithium across North America, including Michigan’s Mid-Continent Rift and Québec’s James Bay district.
Write to France Pinzon at Mining.com.au
Images: Perseverance Metals
