Tectonic Metals Secures Up to $40 Million in New Financing

Tectonic Metals Inc., a Vancouver-based exploration company, has entered an agreement for a private placement offering of up to 18,605,000 common shares, potentially raising C$40 million. This financing will be managed by 3L Capital along with BMO Capital Markets and SCP Resource Finance LP as co-lead agents. The price per share is set at C$2.15.

Tony Reda, Tectonic's President and CEO, highlighted the significance of this funding, stressing its role in advancing the Flat Gold Project and expanding exploration. The net proceeds will be directed towards drilling initiatives and general corporate purposes.

The common shares will be offered to accredited investors in Canada, the U.S., and certain offshore jurisdictions. A statutory hold period of four months plus one day applies to these shares.

The offering is scheduled to close around February 24, 2026, subject to necessary approvals including from the TSX Venture Exchange.