Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF) said it is planning to raise up to $1.5 million through a non-brokered private placement for exploration in Saskatchewan.
Funds will go towards the 2024 winter exploration activities at the BMK zinc-copper-silver project in Saskatchewan, which is 100%-owned by the company, as well as for working capital.
The private placement will involve issuing Hard Dollar units at $0.05 per unit and National flow-through units at $0.055 per unit, with each unit consisting of common shares and share purchase warrants.
The warrants will be exercisable at $0.08 for 24 months from the closing date.
Murchison said that Donald Johnson, a director and control person of the company, is expected to participate in the offering to maintain his ownership at around 30%. The offering has received approval from independent directors.
CEO Troy Boisjoli told shareholders that Murchison is in a “great position” with its assets BMK and HPM, located in Canada's top mining jurisdictions, Saskatchewan, and Quebec, respectively.
“Today's announcement is geared towards unlocking the potential of the BMK project by exploring for the copper-rich zones."
Murchison currently has 241 million shares issued and outstanding.