Scandium Canada (TSX-V:SCD) has completed a second tranche of its previously announced non-brokered private placement of flow-through shares for an additional C$473,000 which is helping finance drilling at its Crater Lake property in Québec.
The second tranche of the offering consisted of the issuance of 9.46 million units of the corporation at a price of $0.05 per unit. Each unit consists of one common share that qualifies as a ‘flow-through share’.
Proceeds from the sale will be mainly used to finance the diamond drilling program and the environmental data collection on its Crater Lake property – the only active primary scandium project globally.
The common shares and the warrants issued are subject to a restricted hold period of four months and one day, ending on 26 November 2024.
On 25 June, Scandium Canada opened its work camp at Crater Lake to start its summer 2024 field work program. The company has a permanent camp at the project that is accessible via helicopter or float plane.
Scandium Canada CEO Guy Bourassa says the company’s unique project means it will have to remain active on multiple paths that include being on the ground as well as through market development.
Staff from engineering firm WSP arrived on 17 June to begin their environmental work, which consists of studying fauna and flora (inventory of vegetation and wetland to establish a baseline) and establishing baselines of water quality and fish habitats. The company says this work is a prerequisite for the environmental permitting process.
The Crater Lake site and the proposed path of the road from the mine site to the current paved road is being mapped using the LiDAR (Light Detection and Ranging) technology. The resulting information will be used to help plan out in detail the path of the proposed road and to accurately plan the infrastructure of the Crater Lake permanent camp and facilities.
Scandium Canada is a Canadian technology metals company focused on advancing its flagship Crater Lake scandium and rare earth project in Québec.
Write to Adam Orlando at Mining.com.au
Images: Scandium Canada
