Q2 Metals (TSX-V:QTWO) has boosted its private placement to $21 million as part of its strategy to fund further exploration costs at its Québec projects, streamlining critical minerals discoveries in Canada.
The company will issue 21 million shares at a price of $1 per flow-through share.
Canaccord Genuity is acting as the sole agent for this placement, who retains the option to sell another 5 million shares at the same offer price to raise an additional $5 million.
The company expects to close this offer on 14 August, with exploration intended to begin on or before 31 December, 2026.
An existing holder is reported to be exercising its participation rights, allowing it to maintain its pro rata ownership.
Q2 recently revealed its inaugural exploration target at the Cisco Lithium Project in Québec, aiming for between 215 and 329 million tonnes at a grade between 1 to 1.38% lithium oxide, as reported by Mining.com.au.
Q2 Metals is a Canadian explorer, focused on developing its portfolio of lithium projects within the James Bay region of Canada.
Write to Maddison Elliott at Mining.com.au
Images: Q2 Metals
