Mink Ventures raises $881,920 in first tranche of private placement

Mink Ventures Corporation (TSXV: MINK) closed the first tranche of its non-brokered private placement, raising gross proceeds of $881,920, according to a company statement.

The Toronto-based mineral exploration company issued 4,578,500 hard dollar units at $0.10 per unit and 3,262,077 flow-through units at $0.13 per unit. Each unit includes one common share and one warrant exercisable at $0.20 for 36 months from the issuance date.

The company expects to complete a second and final closing of the offering in mid-June. All securities issued are subject to a statutory four-month hold period expiring October 3, 2026, and the placement requires final approval from the TSX Venture Exchange.

Directors and officers purchased 257,000 flow-through units in the placement, constituting a related party transaction under securities regulations. The transaction is exempt from valuation and minority approval requirements as it represents less than 25% of the company's market capitalization.

Mink paid $53,807.20 in cash finder's fees and issued 483,686 non-transferable finder's warrants exercisable at $0.20 for 36 months.

The company plans to use flow-through unit proceeds for exploration at its Timmins-area critical minerals projects, including the Montcalm and Warren projects covering 115 square kilometers. Hard dollar unit proceeds will fund general working capital. A summer drill program is planned for both projects.

Following this tranche, Mink has 41,447,296 common shares outstanding. The company explores for nickel, copper and cobalt at properties near Timmins, Ontario.

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