Abitibi Metals Corp (CSE:AMQ, OTC:AMQFF) has announced the successful completion of a C$7.1 million private placement.
“[This] marks a pivotal moment for Abitibi as we are now in a position to complete the full option agreements at both B26 and Beschefer without further funds,” chief executive Jonathon Deluce commented.
This includes further drilling at each of the Quebec-based deposits as the backdrop for gold and copper remains bullish, Deluce added.
Some 4,761,904 common shares were sold for C$0.42 each through the placing, alongside 5,940,723 charity flow-through shares priced at C$0.86.
Abitibi had originally looked to raise C$5 million, but hiked the figure due to strong demand, leaving it with a treasury of approximately C$19 million.
“This offering is a major milestone, supporting the market’s confidence in the potential of Abitibi,” Deluce said.
“The overwhelming support from our shareholders, once again allowing us to raise capital with no warrants for a third straight financing, provides the foundation for aggressive growth as we continue to develop our key assets and deliver value for all stakeholders.”