Essex Minerals Inc. (TSX-V:ESX) said it has closed a second tranche of its non-brokered private placement for $75,000, bringing the total raised so far to $819,500 in gross proceeds, issuing 40,975,000 units at a price of $0.02 per unit.
The net proceeds from the financing will be used by Essex for general working capital purposes, its mineral project and royalty-generative activities and exploration expenditures on its existing mineral projects.
The company said it now anticipates the final tranche closing of the financing by October 22, 2022.
READ: Essex Minerals raises $744,000 in first tranche of its private placement
Each unit in the private placement consists of one common share and one share purchase warrant, with one whole warrant entitling the holder to purchase one additional common share at a purchase price of $0.05 for a period of 60 months from the date of closing.
In connection with the funds raised to date, the company paid $22,820 and issued 1,141,000 finder's warrants to Canaccord Genuity Corp and $14,000 and 700,000 finder's warrants to Primary Capital Inc. Each finder's warrant is exercisable into one common share at $0.05 for 60 months.
Essex Minerals is a Vancouver-based project generator focused on mineral exploration and mine development, with a particular emphasis on gold projects in Tier 1 jurisdictions.
Contact the author at jon.hopkins@proactiveinvestors.com