EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) said it has closed a previously announced non-brokered private placement financing, raising gross proceeds of C$1 million to advance environmental permitting work at its Scotia Mine in Nova Scotia.
The financing consisted of 9,090,909 units priced at C$0.11 each, with each unit comprising one common share and one share purchase warrant that entitles the holder to buy an additional common share at C$0.14 until December 2028.
CEO Mark Haywood said the proceeds will support regulatory work tied to restarting the historic mine.
EDM said the net proceeds will be directed primarily toward environmental work at the wholly owned Scotia Mine, located about 60 kilometres north of Halifax, as well as for general corporate purposes.
The company added that if its common shares trade at or above a volume-weighted average price of C$0.30 for 10 consecutive trading days, it may accelerate the expiry of the warrants to 30 days after providing written notice to warrant holders.
Company insiders, including directors and officers, acquired nearly 1.8 million units in the offering.