Tectonic Metals Commences Drilling After Closing Oversubscribed Private Placement

Tectonic Metals Inc. has announced the successful closing of an oversubscribed private placement financing, raising C$3,070,639. The company issued 51,177,317 units at C$0.06 per unit. Due to strong investor interest, an additional C$1,000,000 offering has been extended. This financing will support the 2024 drill program at the Flat Gold Project in Alaska.

President and CEO Tony Reda expressed his gratitude for the investor support, especially from Crescat Capital. Each unit consists of a common share and a half common share purchase warrant, exercisable at C$0.10. Units under the Listed Issuer Financing Exemption are freely tradable, while non-LIFE units have a four-month hold period.

Tectonic also announced the appointment of Jesse Manna as Investor Relations and the grant of 2,600,000 stock options to various company affiliates. The extended offering targets to close by September 30, 2024, subject to TSX Venture Exchange approval. The funds will advance the Flat Gold Project and cover general working capital needs.