Transition Metals (TSX-V:XTM) has raised C$618,844 ($627,922) through a non-brokered private placement.
Proceeds will be used to fund exploration work at the Gowganda Gold and Saturday Night projects in Ontario, Canada.
Half of proceeds will qualify as Canadian critical metals exploration expenses.
The deal involved issuing a combined 5,381,250 flow through units (FT units), with each unit comprising one common share and half of one common share purchase warrant.
Each warrant allows investors to buy one extra common share at a C$0.115 exercise price for 18 months after closing.
Purchasers will then be invited to donate FT units to charity and each of those will be sold to backend buyers for C$0.08.
A C$16,500 ($16,742) finder’s cash fee was paid to Haywood Securities and Stephen Avenue Securities including an aggregate commission of 6% of FT units sold to introduced investors.
A combined 206,250 broker warrants were issued to finders.
Each broker warrant entitles holders to purchase one common share at a C$0.115 exercise price for 18 months after closing.
Completion of the offering is subject to gaining approval from the TSX Venture Exchange and other necessary regulatory bodies.
Transition Metals acquires and explores mineral properties in Canada and the US.
Write to Richard Szabo at Mining.com.au
Images: Transition Metals
