Power Metallic Mines (TSX-V:PNPN) has closed a previously reported private placement, raising C$28.22 million ($28.85 million), which includes a lead order from new shareholder Eric Sprott.
Under the offering, 22.58 million shares were issued at C$1.25 per share. Red Cloud Securities acted as lead agent and sole bookrunner in connection with the offering.
Founder of Sprott Asset Management Eric Sprott acquired 1.6 million shares on issue for C$2 million.
The funds will be used to advance Power Metallic’s flagship NISK Project in Québec, as well as at its Jabul Baudan exploration licence in Saudi Arabia. They will also be used for general working capital and corporate purposes.
Power Metallic is a Canadian exploration company focused on advancing the NISK Project toward becoming Canada’s next polymetallic mine.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Metallic Mines
