AMQ.c Upsizes Private Placement Expanding Exploration Budget Abitibi Metals Corp. (Ticker: AMQ.c or AMQFF for US investors) has made a significant announcement regarding its private placement offering, showcasing its commitment to strategic financing and accelerated development plans.
In its initial press release dated March 20, 2024, Abitibi Metals unveiled a non-brokered private placement aimed at raising up to C$3 million. Led by the Deluce family, this financing involves the issuance of approximately 3.5 million common shares priced at C$0.86 per share, above AMQ's current share price of $0.52.
The offering consists of charity flow-through common shares (CFT Shares) and no warrants. The funds secured through this placement are earmarked to support strategic objectives, particularly accelerating the company's plan to earn up to 80% of the B26 Deposit.
Building on this initial announcement, the company subsequently announced it has upsized the private placement to C$5 million.This upsize underscores investor confidence and the attractiveness of Abitibi Metals' strategic vision.
With the additional funds, the company aims to accelerate its exploration activities, particularly at its B26 Deposit.
Upon closing, Abitibi Metals will have a substantial exploration budget of $15.0 million for 2024-2025, consolidating its seven-year work commitments into two years.
The B26 Polymetallic Deposit boasts promising resource estimates, including indicated reserves of 7.0MT at 2.94% copper equivalent and inferred resources of 4.4MT at 2.97% copper equivalent.
Additionally, the company holds interest in the Beschefer Gold Project, where historical drilling has uncovered promising intercepts, such as 55.63 grams per tonne of gold over 5.57 meters and 13.07 grams per tonne of gold over 8.75 meters across four delineated zones.
The private placement offering, initially targeted at C$3 million and subsequently upsized to C$5 million, signifies the company's dedication to maximizing the potential of its mineral properties while responsibly advancing its projects in Quebec's rich mineral landscape.
Press Releases:
https://abitibimetals.com/abitibi-metals-announces-3-million-no-warrant-private-placement-at-0-86-share/
https://abitibimetals.com/abitibi-metals-announces-the-upsize-of-its-previously-announced-private-placement-to-5-million-at-0-86-share/
Posted on behalf of Abitibi Metals Corp.