Mink Ventures closes first tranche of private placement for $731,518

Mink Ventures Corporation (TSXV: MINK) completed the first tranche of its non-brokered private placement, raising gross proceeds of $731,518. The Canadian mineral exploration company issued 4,810,000 hard dollar units at $0.10 per unit and 1,927,061 flow-through units at $0.13 per unit.

Each hard dollar unit consists of one common share and one warrant exercisable at $0.20 for 36 months. Flow-through units contain the same structure with identical warrant terms. All securities are subject to a four-month hold period expiring February 17, 2026.

Directors and officers purchased 300,000 hard dollar units and 260,000 flow-through units in the placement. The company paid $39,962.15 in finder's fees and issued 380,508 non-transferable finder's warrants exercisable at $0.20 for 36 months.

The company plans to use proceeds for exploration at its Montcalm nickel-copper-cobalt project and Warren copper-nickel project, both located in the Timmins, Ontario area. Hard dollar unit proceeds will also fund general working capital.

A second and final closing is expected in late October. The placement requires final approval from the TSX Venture Exchange. Following this tranche, Mink has 32,415,949 common shares outstanding.

The company's Montcalm project covers 100 square kilometers adjacent to Glencore's former Montcalm Mine, which had historical production of 3.93 million tonnes grading 1.25% nickel, 0.67% copper and 0.051% cobalt. The Warren project spans 1,130 hectares and is located 35 kilometers away.

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