Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) said on Thursday it has completed a previously announced bought deal private placement, raising gross proceeds of about C$12.7 million to fund exploration and general corporate activities.
The offering consisted of 6.1 million hard dollar units priced at C$0.165 each and 48.9 million charity flow-through units priced at C$0.24 apiece, including a partial exercise of the underwriters’ over-allotment option.
The company said it plans to use the net proceeds from the hard dollar portion to advance exploration at its Fox Tungsten project, as well as other projects, and for working capital and general corporate purposes.
Each unit issued under the offering includes one common share and one-half of a warrant. Each full warrant allows the holder to purchase an additional share at a price of C$0.22 until April 2029.
Fox Tungsten’s 100%-owned high-grade tungsten project in British Columbia, near key infrastructure, saw successful 2025 drilling that extended mineralization and is targeting further 2026 expansion work toward a PEA.