Q2 Metals (TSX-V:QTWO) has completed a C$26 million ($28.97 million) capital raise as part of the group’s previously announced strategy to fund exploration across its Québec assets in Canada.
The company has issued 26 million shares each redeemable at C$1 per share, with C$5 million sourced from Canaccord Genuity, the sole agent and bookrunner for the aforementioned placement.
Canaccord Genuity received a cash commission of C$1.3 million as well as 1.3 million warrants, allowing the holder to purchase one share at C$0.9 per share for three years from the placement’s close.
This exceeds the company’s original funding intentions, with Q2 already upsizing the placement $21 million ahead of its close as reported by Mining.com.au.
Q2 is intending to reach between 215 and 329 million tonnes at a grade between 1 to 1.38% lithium for an inaugural exploration target at the Cisco Lithium Project in Québec.
Q2 Metals is a Canadian explorer focused on developing its portfolio of lithium assets in the James Bay region.
Write to Maddison Elliott at Mining.com.au
Images: Q2 Metals
