Domestic Metals closes $3.4 million placement, announces $7 million financing

Domestic Metals Corp. (TSXV: DMCU) completed the final tranche of its private placement, issuing 874,286 units at $0.28 per unit for gross proceeds of $244,800. The company issued a total of 12,079,791 units across both tranches for aggregate gross proceeds of $3,382,341.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at $0.40 each for three years from issuance. All securities are subject to a four-month hold period and require final approval from the TSX Venture Exchange.

The Vancouver-based mineral exploration company announced a new non-brokered private placement of up to 25 million units at $0.28 per unit, targeting gross proceeds of up to $7 million. The new offering carries the same warrant terms as the completed placement.

Domestic Metals plans to use proceeds from both financings for general working capital, exploration and development costs, and drilling activities. The company focuses on copper and gold exploration in historical mining districts across the Americas.

The company's Smart Creek Project is located in Montana and contains copper mineralization with four exploration targets including porphyry copper, epithermal gold, replacement and exotic copper prospects.

No finder's fees were paid in the final tranche closing. Insiders may participate in the new offering, and finder's fees may be payable to qualified parties. The new placement requires TSX Venture Exchange approval.

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