Q2 Metals (TSX-V:QTWO) has added a further C$4.3 million ($4.8 million) to the coffers with the closing of the final tranche of its non-brokered private placement.
The total raised under the placement boosted the Vancouver-based explorer’s cash on hand by around $6.9 million.
This adds to the cash and cash equivalents of $3.4 million that Q2 held as of 31 May 2024.
The second and final tranche resulted in the issue of 8.5 million charity flow-through units, comprising one flow-through common share and half a share purchase warrant, priced at C$0.475 each.
Q2 also issued 1.2 million non-flow through units at C$0.25 each and an additional 22,800 flow-through units at C$0.35 each.
The shares issued in the final tranche are subject to a holding period expiring on 10 December 2024.
The cash raised from the issue of flow-through shares will be used to fund exploration, while the funds from the non-flow through shares will top up Q2’s working capital.
Q2, which has a market capitalisation of C$41.7 million, has a portfolio of lithium projects in the Eeyou Istchee James Bay region of Québec, including the Cisco Lithium Property.
Cisco has “district-scale potential”, Q2 says, with an already identified mineralised zone and a discovery drill result of 115.4m @ 1.40% lithium oxide, cumulatively in five separate pegmatites.
In early July, Q2 reported that analytical results from the ongoing 2024 mapping and sampling field program at the Cisco Property confirmed the presence of lithium in each of the 15 outcrop zones.
The property is located about 150km north of Matagami and comprises 222 mineral claims spanning 11,374 hectares.
Exploration at the 8,668-hectare Mia Lithium Property, meanwhile, is focused on the more than 10-kilometre-long Mia trend, which is host to both the Mia 1 and Mia 2 lithium occurrences and 11 other mineralised zones along trend.
Write to Angela East at Mining.com.au
Images: Q2 Metals
