Victory Battery Metals Corp (CSE:VR, OTC:VRCFF) said it has closed a financing which has raised a total of $1.92 million for the company that it intends to use for working capital requirements and other general corporate purposes.
The company said it closed a non-brokered flow-through unit (FT unit) private placement raising proceeds of $150,000 through the sale of 1,250,000 units at a subscription price of $0.12 per FT unit. Each FT unit is comprised of one common share and one common share purchase warrant. Each FT warrant entitles the holder to purchase one non-flow-through common share at $0.15 for a period of 2 years from the date of issue.
The company also closed the final tranche of a non-brokered common share unit private placement raising proceeds of $448,000 through the sale of 5,600,000 units.
READ: Victory Battery Metals advances exploration plan for Georgia Lake Lithium project in Ontario
In the second tranche of the common share unit placement, Victory Battery raised proceeds of $364,000 through the sale of 4,550,000 units; in the third tranche, it raised proceeds of $688,600 through the sale of 8,607,500 units, and in the fourth and final tranche, the company raised proceeds of $275,200 through the sale of 3,440,000 units.
Victory Battery raised a total of $1,775,800 from the common share unit financing. Each unit was offered at a subscription price of $0.08 and each unit consists of one common share and one common share purchase warrant exercisable at $0.12 for a two-year period.
Securities issued under the financing are subject to trading restrictions until July 11, 2023.
Victory Battery said it paid finders fees on the final tranche to a qualified finder of $8,000 and issued 100,000 broker warrants, which are on the same terms as the warrants forming the units.
Victory Battery Metals is a publicly-traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
Contact the author at jon.hopkins@proactiveinvestors.com