Numerous Canadian mining companies on 2 July are raising capital, including Altamira Gold (TSX-V:ALTA) which closed a C$5.285 million ($5.914 million) non-brokered private placement.
The funds will be used for follow-up drilling at the Maria Bonita porphyry gold resource, the Central Area mineral resources, as well as other targets within the Cajueiro Project in Brazil.
Under the placement, 52.85 million units were issued at C$0.10 per unit. Each unit comprised one common share and one-half of one common share purchase warrant, exercisable at C$0.15 for a 24-month period.
Two of Altamira’s largest shareholders Crescat Capital and Aura Minerals (TSX:ORA) participated in the placement.
Meanwhile, Silver North Resources (TSX-V:SNAG) has clarified that, in connection with its C$2.1 million capital raise, certain purchasers of charity flow-through (CFT) units intend to be subsequently donated to registered charities.
The registered charities receiving the CFT units may sell them to third-party investors or sell some or all of such CFT units to third-party investors, in each case, at a price of C$0.15 per unit.
As reported by Mining.com.au, Silver North is conducting the private placement to fund exploration at its Haldane and GDR mineral properties in the Yukon Territory of Canada.
A prospecting, sampling, and mapping program is slated for the Veronica claim block of the GDR Project, located adjacent to the Tim Property in the Silvertip District of southern Yukon.
Silver North will also conduct further exploration to follow-up on an unexplained multi-element soil geochemical anomaly though to potentially reflect covered CRD-style silver-lead-zinc mineralisation.
The company will divest CFT units at C$0.21 per unit. Each unit consists of one share as well as one-half warrant, which entitles the holder to purchase additional shares at C$0.35 per share within a 48-month period.
Meanwhile, Pacific Bay Minerals (TSX-V:PBM) is conducting a $2 million private placement to advance the Pereira-Velho Gold Project in Brazil.
The funds will be used primarily to complete the acquisition of Pereira-Velho, as well as finance early-stage exploration work. The remaining funds will be used to explore Pacific Bay’s Canadian assets and general corporate activities.
Under the non-brokered private placement, 20 million units will be issued at C$0.10 per unit. Each unit will comprise one common share and one common share purchase warrant, exercisable for one common share at C$0.15 within 24 months.
The offering is expected to close on or around 17 July 2025, subject to regulatory approvals.
Further, Nine Mile Metals (CSE:NINE) plans to complete a new flow-through (FT) and non-flow-through (NFT) private placement for up to C$400,000.
The funds will be used for drilling at the Wedge Project and the recently reported grant from the New Brunswick Department of Natural Resources and Energy Development for continued exploration on the California Lake East Project in Canada.
Nine Mile says the remaining funds will be used for other exploration related expenses.
The FT private placement, comprising 12.5 million units at C$0.02, seeks to raise C$250,000. Each unit comprises one common share and one common share purchase warrant, exercisable at C$0.05 within 36 months.
Meanwhile the NFT private placement, comprising 10 million units at C$0.015, seeks to raise C$150,000. Each NFT unit will comprise one common share and one-half common share purchase warrant.
Write to Aaliyah Rogan at Mining.com.au
Images: Nine Mile Metals
