Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF) closed the first tranche of a C$1.5 million non-brokered private placement, generating $1,037,007.50. The placement included 9,040,000 Hard Dollar units at $0.05 per unit and 10,636,500 flow-through units at $0.055 per unit.
Each unit comprises a common share and half a warrant, with the whole warrant exercisable at $0.08 for 24 months. The funds, subject to a hold period until April 29th, 2024, will support exploration at the BMK project in Saskatchewan.
Largest shareholder Donald Johnson acquired 8.5 million units to maintain a 30% stake.