MTB Metals (TSX-V:MTB, OTCQB:MBYMF) Corp is getting set to explore its Golden Triangle properties after closing an upsized private placement that raised over $2 million.
The Vancouver-based junior resource company said it closed the second and final tranche of its non-brokered private placements for a total of $2,031,991.
Funds will be used primarily for exploration on MTB's Telegraph property in the Golden Triangle of British Columbia, the company said.
The project, acquired in May 2021, has a similar geological setting to major gold and copper-gold deposits in the Golden Triangle. MTB has another five projects in the region, which are funded through joint ventures or spinouts.
"We are grateful for the strong support for this financing, which raised more than the initial target. MTB is now well funded for work on the Telegraph copper-gold porphyry,” CEO Lawrence Roulston said in a statement.
“The geological team are now preparing for the field season, which will focus on drilling on the Dok Trend."
Under the terms of the placement, MTB raised gross proceeds of $1,531,389 from the sale of 11,779,918 flow through units at $0.13 each. In addition, MTB also closed a non-brokered private placement of 4,171,684 units at $0.12 each for gross proceeds of $500,602.
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