Q2 Metals (TSX-V:QTWO) has closed a private placement, raising more than C$70 million ($70.72 million) to advance development of the Cisco Lithium Project in Québec, Canada.
As previously reported, the company entered into a bought-deal private placement with Canaccord Genuity, involving the issuance of 16.32 million shares at C$2.45 per share.
A further 5.55 million shares, qualifying as flow-through shares, were issued at C$3.60 per share.
In addition to developments at Cisco, the funds will also be used for general working capital and corporate purposes.
Earlier this year, Q2 Metals delivered a maiden resource estimate for Cisco, containing a pit constrained resource of 270 million tonnes @ 1.36% lithium oxide in the inferred category for a total of 9.1 million tonnes of contained lithium carbonate equivalent (LCE).
An additional underground constrained resource has also been established, totalling 24 million tonnes @ 1.34% lithium oxide for 800,000 tonnes of contained LCE.
Q2 Metals’ Cisco Project comprises 801 contiguous mineral claims over 41,253 hectares within the greater Nemaska Community lands of the Eeyou Istchee James Bay region of Québec, Canada.
The broader James Bay region hosts numerous deposits and discoveries, including Rio Tinto’s (ASX:RIO) Galaxy Project.
Q2 Metals is a Canadian mineral explorer focused on its flagship Cisco Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Q2 Metals
