EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) announced that it has completed the second tranche of its non-brokered private placement, securing approximately C$913,000.
Combined with the first tranche, total gross proceeds reached C$1.69 million.
The funds will support environmental work at the Scotia Mine near Halifax and general working capital.
The second tranche involved issuing 8.3 million units at C$0.11 each, comprising one common share and one warrant exercisable at C$0.14 until October 2027, with an accelerated expiry condition tied to the performance of the company's shares.
“EDM is pleased to announce the closing of the second tranche of our financing,” EDM Resources CEO Mark Haywood said in a statement.
“The company will be updating the market next week on our exciting progress as we advance the Scotia Mine’s start-up permits and complete all other necessary steps for our planned production commencement in 2026.”