Power Metallic Mines (TSX-V:PNPN) has announced a brokered LIFE (listed issuer financing exemption) offering for gross proceeds of up to C$25 million ($25.3 million).
The offering will comprise the sale of up to 20 million common shares at a price of C$1.25 per offered share, coordinated by Red Cloud Securities, which will act as the lead agent and sole bookrunner.
Red Cloud has also been offered an option, exercisable in full or in part up to 48 hours before the closing of the offering, to sell an additional 2.4 million offered shares for up to C$3 million in additional gross proceeds.
The offered shares are available to purchasers in all provinces and territories of Canada in accordance with NI (National Instrument) 45-106 prospectus exemption. The shares are also to be freely tradeable immediately in accordance with applicable Canadian securities legislation if sold to purchasers residing in Canada.
The offering is expected to close on 10 June 2026, or another date agreed upon by Power Metallic and Red Cloud, with the completion of the offering subject to all necessary regulatory approvals, including approval from the TSX Venture Exchange.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project toward becoming Canada’s next polymetallic mine.
Write to Amy Rotman at Mining.com.au
Images: Power Metallic Mines
