Power Metallic Mines Inc (TSX-V:PNPN, OTCQB:PNPNF) said it has completed its previously announced private placement offering, raising approximately C$50 million.
The offering consisted of nearly 14.14 flow-through shares priced at C$2.83 per share, generating gross proceeds of approximately C$40 million and almost 6.9 non-flow-through common shares at C$1.45 per share, contributing about C$10 million.
The gross proceeds from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses, while the net proceeds from the sale of non-flow-through shares will be directed toward general working capital.
Terry Lynch, Power Metallic CEO, said the funds raised will allow the company to accelerate its exploration plans.
The company is focused on advancing the Lion Zone at its polymetallic Nisk project in Quebec following a significant discovery in 2024.
“We just added a third drill rig testing the western flank of the Lion Zone while Rig 1 focuses on the Lion Zone and the second rig continues to explore the Tiger Zone 700 metres to the east of the Lion Zone,” Lynch said.
“These are exciting times for our management team and our shareholders. We very much appreciate the faith shown by our newest investors and look forward to delivering even more impressive results in the weeks and months ahead."