EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) announced a new fundraising initiative to raise up to C$1.25 million to advance work on its Scotia mine in Nova Scotia.
The non-brokered private placement offering of 11.36 million units is priced at C$0.11 per unit.
Proceeds from the offering will support ongoing environmental and permitting efforts at EDM’s Scotia Mine near Halifax, Nova Scotia, and provide working capital.
EDM owns the mine and several nearby exploration licenses through its wholly owned subsidiary.
Each unit consists of one common share and one warrant, allowing holders to purchase an additional share at C$0.14 within 36 months.
The company may accelerate the warrant expiry if its shares trade at or above C$0.30 for 10 consecutive trading days, giving holders 30 days to exercise their warrants.