Arras Minerals Increases Non-Brokered Financing to C$4.5 Million

Vancouver, BC / Accesswire / May 28, 2024 / Arras Minerals Corp. (TSXV:ARK) has announced a significant increase in its non-brokered private placement financing. The offering has been raised from an initial C$2 million to up to C$4.5 million due to high demand. This financing will support ongoing projects in Kazakhstan, including the Elemes and Tay projects.

The original announcement on May 21, 2024, outlined a private placement of up to 7,692,308 units at C$0.26 per unit, aiming for C$2 million in aggregate proceeds. Following the upsize, the offering now includes up to 17,307,692 units, targeting C$4.5 million. Each unit consists of one common share and one-half of a non-transferable common share purchase warrant, exercisable at C$0.40 per share for three years.

The offering is subject to TSX Venture Exchange approval and is expected to close around June 4, 2024. The issued securities will have a four-month hold period in Canada and be subject to U.S. resale restrictions.