Apogee Minerals closes $2.7 million private placement financing

Apogee Minerals Ltd. (TSXV: APMI) completed a non-brokered private placement financing, raising $2,743,750 through the sale of 54,875,000 units at $0.05 per unit, according to a company statement.

Each unit consists of one common share and one transferrable warrant. The warrants allow holders to purchase additional common shares at $0.075 per share for four years from the date of issue.

The company paid $1,600 to an arm's-length finder in connection with the offering. Proceeds will be used for general working capital and exploration expenditures in Saskatchewan.

Related parties of the company participated in the offering. The transaction is considered a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority shareholder approval requirements because the fair market value of units issued to related parties does not exceed 25% of the company's market capitalization.

The units are subject to a four-month and one-day hold period from the date of issuance under Canadian securities laws. The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

Apogee Minerals is a mineral exploration company based in Vancouver, British Columbia.

You May Also Be Interested In

• Vogenx raises $81.3M in Nasdaq IPO managed by JonesTrading
• Rocket Doctor AI closes second tranche, raising C$3.26M total
• Andersen (ANDG) files for 4.28M share offering by selling stockholders