Several Canadian mining companies are closing capital raises, including Arras Minerals (TSX-V:ARK), which has raised C$16.1 million ($18.59 million) through a private placement.
The Canadian copper and gold explorer intends to use the funds to finance exploration, as well as advance its projects in Kazakhstan.
Arras Minerals holds a portfolio covering 3,300km2 in Kazakhstan, including the Beskauga, Elemes, and Tay projects, as well as its strategic alliance with Teck Resources (NYSE:TECK) for generative exploration.
Under the private placement, 18.94 million shares were issued at C$0.85 per share. The offering was oversubscribed from new and existing shareholders, including Teck Resources. As a result of Teck’s participation, the company increased its stake in Arras Minerals to 9.9%.
Star Copper (CSE:STCU) also completed a non-brokered private placement which raised C$2.5 million. The Canada-based mineral explorer will use the funds for project evaluation and general working capital purposes.
As part of the placement, 10 million units at C$0.25 per unit were issued. Each unit comprised one common share in Star Copper and one common share purchase warrant, exercisable at C$0.32 within two years.
Meanwhile, Fathom Nickel (CSE:FNI) has upsized its private placement from C$705,000 to C$1.5 million, based on strong demand, which will be used for exploring and developing the Gochager Lake Project in Canada.
The upsizing offering will consist of units at $0.03 per unit. Each unit will comprise one common share and one common share purchase warrant, exercisable at $0.05 within 36 months.
Crescat Capital has agreed to make a strategic investment for up to 33% of the upsized offering.
Fathom Nickel says the sale of units is expected to close on or around 21 April 2025.
Further, Canadian critical mineral explorer Nine Mile Metals (CSE:NINE) completed the second tranche of a private placement which raised C$25,575. All of the company’s current directors participated in the second tranche, via the purchase of 1.21 million units.
Each unit comprises one common share and one warrant exercisable at $0.05 within 60 months. Under the private placement, $388,653 was raised in total. The funds raised will be used for general and administrative obligations.
Write to Aaliyah Rogan at Mining.com.au
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