Major Precious Metals closes its C$8.5M non-brokered private placement

Major Precious Metals Corp (CSE:SIZE) (OTCMKTS:SIZYF) (FRA:3EZ) announced the completion of a non-brokered private placement of 24,285,715 company units, at a price of $0.35 per unit, for gross proceeds of C$8.5 million. 

The company said it intends to use the net proceeds from the private placement to support the large diamond drilling campaign already underway at its Skaergaard Project in eastern Greenland, with drilling expected to begin within the next few weeks. 

Each unit of the placement consisted of one common share of the company plus one-half of one transferable common share purchase warrant, which entitles the holder to purchase one additional common share for a period of two years at a price of $0.70 per share.

READ: Major Precious Metals announces C$10M private placement to fund Skaergaard project exploration in Greenland

The company may accelerate the expiry date of the warrants should its common shares trade at a price of $1.20 or greater for a period of 10 consecutive trading days at any time from the closing of the private placement.

Major Precious Metals noted a finder’s fees of $340,851 cash and 949,860 warrants have been paid in connection with the private placement to qualified parties.

At Skaergaard, the company is developing a globally significant precious metal deposit (palladium, platinum, and gold) with 5.51 million ounces (Moz) contained palladium equivalent ounces in the indicated resource category and 14.4 Moz contained palladium equivalent ounces in the inferred resource category.

The Skaergaard project also contains other critical metals, such as vanadium and titanium, which will be evaluated for their economic potential as part of the upcoming summer exploration program, an updated mineral resource estimate and a preliminary economic assessment.

Contact Sean at [email protected]

Story by ProactiveInvestors