Formation Metals Launches $6M Private Placement

Formation Metals Inc., a North American mineral exploration company, announced a $6 million private placement to support its exploration efforts at the N2 Gold Project in Quebec. The project comprises approximately 877,000 ounces of historic gold across multiple mineralized zones. A 20,000-meter, multi-phase drill program is underway, focusing on the "A" and "RJ" zones, with the first fully funded 10,000 meters already in progress.

The private placement includes a LIFE Offering and a Flow-Through Private Placement. The LIFE Offering involves the issue of up to 10,810,810 units at $0.37 each, expecting to raise $4 million. Additionally, a concurrent offering involves the sale of 4,878,049 flow-through units at $0.41 each, aiming to raise $2 million. The proceeds will fund fieldwork and support ongoing and planned drilling activities.