Tectonic Metals Raises Over C$5M to Boost Alaska Gold Project

Tectonic Metals Inc. has successfully closed its second tranche of a non-brokered private placement, raising a total of C$5,349,171. The recent tranche involved the issuance of 28,195,200 units at C$0.06 per unit, bringing C$1,691,712 in gross proceeds. This financing highlights investor confidence in the company’s strategic efforts to advance the Flat Gold Project in Alaska.

Each unit consists of one common share and one-half common share purchase warrant, with warrants exercisable at C$0.10 over two years. Units were divided into LIFE and HOLD categories, involving different trade restrictions. The funding is contingent on necessary approvals, including those from the TSX Venture Exchange.

Finders’ fees amounted to C$98,143, with additional non-transferable warrants issued to intermediaries involved in the offering.