Scandium Canada (TSX-V:SCD) has closed a previously reported bought deal private offering, raising C$17.25 million ($17.71 million), for exploration on the Crater Lake Project in Canada.
Under the placement, 78.4 million units were issued at C$0.22 per unit. Each unit comprises one common share and one common share purchase warrant, exercisable at C$0.30 at any time until 17 September 2028.
The offering was led by Research Capital Corporation as underwriter and sole bookrunner.
Scandium Canada also intends to use the funds for development and pre-commercialisation work on its proprietary aluminium-scandium alloys, as well as general corporate and working capital.
Scandium Canada is currently developing North America’s largest primary source of scandium, with the aim of contributing to global efforts toward reducing carbon emissions.
Write to Aaliyah Rogan at Mining.com.au
Images: Scandium Canada
