Selkirk increases private placement to raise $30m
After announcing a private placement to raise C$20-million, TSX-V-listed Selkirk Copper Mines has increased the size of the placement to raise gross proceeds of C$41-million, or $30-million, owing to strong investor demand.
The proceeds will be used to advance development of the Minto mine, in Canada’s Yukon territory, as well as for working capital and general corporate purposes.
The company amended its agreement with a syndicate of underwriters led by Canaccord Genuity Corporation to increase the size of a previously announced “bought deal” private placement comprising 19.5-million shares at a price of $1.15 apiece, as well as 4.4-million common shares that will qualify as flow-through shares at price of $1.70 apiece.
The common shares issue will raise $22.5-million while the flow-through shares will raise $7.5-million.
The company will still grant the underwriters an option to purchase up to an additional 4.3-million shares at the common share issue price for additional gross proceeds of C$5-million or $3.6-million, exercisable at any time up to 48 hours prior to the closing of the offering.
Selkirk says it will incur Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures in an aggregate amount of no less than the total amount of the gross proceeds from the sale of the flow-through shares on or before December 31, 2027.
The offer is expected to close on April 30.
Selkirk, in partnership with the Selkirk First Nation, is working to restart the high-grade Minto copper, gold and silver mine which was abandoned in 2023. Selkirk has already undertaken extensive drilling to expand Minto's resources, with recent results having confirmed high-grade mineralisation at the Minto North and Minto East zones.
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