Scandium Canada (TSX-V:SCD) has arranged a private offering under the listed issuer financing exemption (LIFE) to raise C$5 million ($5.1 million) for its Crater Lake Project in Nunavik, Québec.
The company will sell 25 million charity flow-through units at a price of C$0.20 per unit, with each unit comprising one common share and one warrant. The warrants can be exercised at C$0.22 per share for 24 months.
Scandium Canada notes that initial purchasers of the units may subsequently donate or resell shares and warrants as part of the arrangements.
Gross proceeds from the unit sale, the company says, will be used for exploration activities related to its Crater Lake Project, including diamond drilling and environmental sample collection.
The critical minerals explorer considers Crater Lake to be North America’s largest primary source of scandium. The company is currently in the midst of a 4,000m drilling program in support of a Prefeasibility Study.
Scandium Canada is a critical minerals company developing North America’s only primary scandium source at its Crater Lake Project in Québec, Canada.
Write to Jackson Chen at Mining.com.au
Images: Scandium Canada
