Discovery Energy Metals raises $1 million through private placement

Discovery Energy Metals Corp. (CSE: DEMC) (OTCQB: DEMCF) (FRA: Q3Q0) completed a non-brokered private placement raising $1 million in gross proceeds, according to a company statement.

The Vancouver-based exploration company issued 10 million units at $0.10 per unit. Each unit consists of one common share and one transferable share purchase warrant. The warrants allow holders to purchase additional common shares at $0.15 per share within 24 months of issuance.

The company plans to use proceeds for general working capital and property exploration activities. All securities issued are subject to a four-month and one-day statutory hold period under applicable securities law.

Discovery Energy Metals focuses on mineral resource projects in North America. The company holds mineral claims totaling approximately 164,283 hectares in Quebec's Nunavik region, 16,392 hectares across northern and eastern Quebec including the James Bay lithium district, and 5,283 hectares in north-central British Columbia. The company also advances gold exploration in Nevada and evaluates a project in Central British Columbia through a joint venture.

The securities were not registered under the U.S. Securities Act of 1933 and were not offered or sold in the United States.

You May Also Be Interested In

• SpaceX held talks to acquire AI coding startup Cognition - report
• Baird Starts Covenant Logistics Group Inc. (CVLG) at Outperform
• Ethan Allen declares $3-per-share special cash dividend