EuroPacific Metals (TSX-V:EUP) in a statement said it wished to clarify the terms of its previously announced private placement raising up to $250,000 by issuing up to 6,250,000 units at $0.04 each.
The Canadian explorer said the proceeds from the private placement will be used to further advance its drill program at Miguel Vacas in Portugal.
None of the proceeds from the private placement will be used for payments to non-arm’s length parties or persons conducting investor relations activities, it said.
CEO Karim Rayani and director Deepak Malhotra have agreed to subscribe to the private placement for 500,000 units each, with constitute related party transactions.
EuroPacific said there has not been a material change in the percentage of outstanding securities of the company that are owned by insiders as a result of their participation in the private placement.