Gelum Resources closes $4.3M private placement, hires geophysics firm

Gelum Resources Ltd. (CSE: GMR) (OTCQB: GMRCF) closed a non-brokered private placement on June 22, 2026, raising gross proceeds of $4,293,095.57 through the issuance of 11,602,961 units at $0.37 per unit, according to a company statement.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at $0.52 for 24 months from closing. All securities issued carry a four-month and one day hold period in Canada.

Director Chad Williams participated in the offering for 500,000 units, constituting a related party transaction under Multilateral Instrument 61-101. The company applied exemptions from formal valuation and minority approval requirements, as the fair market value of the insider participation does not exceed 25% of the company's market capitalization.

Finder's fees were paid to Canaccord Genuity Corp. ($34,848.45 cash and 94,185 finder's warrants) and Haywood Securities Inc. ($7,122.50 cash and 19,250 finder's warrants). Proceeds will be directed toward working capital and exploration at the Las Tinajas Project in Chile.

Separately, Gelum has retained Southern Rock Geophysics of Santiago, Chile, to conduct Magnetotellurics and Vector Induced Polarization surveying at Las Tinajas, with fieldwork scheduled to begin in mid-July. The survey will cover resistivity characterization from near-surface levels to depths of approximately 3,000 metres for the MT component and approximately 800 metres for the VIP component.

The initial data acquisition phase will use a grid of 500-metre spaced sites, targeting porphyry copper-gold mineralization. A second phase involves a tentative 10 line-km Pole-Dipole IP/Resistivity survey targeting extensions to a known gold-mineralized diatreme breccia.

You May Also Be Interested In

• LivePerson extends special meeting deadline for SoundHound AI merger vote
• Revolution (RVMD) PT Raised to $179 at Bernstein SocGen Group
• Ross Stores, Inc. (ROST) PT Raised to $240 at Bernstein SocGen Group