Nord Precious Metals raises $4 million in financing

Nord Precious Metals Mining Inc. (TSXV: NTH) completed a financing round that raised $4 million in gross proceeds through a combination of a Listed Issuer Financing Exemption offering and a concurrent non-brokered private placement, according to a company statement.

The LIFE offering consisted of 13,056,041 units priced at $0.12 per share, generating $1,566,724 in gross proceeds. The non-brokered private placement included 20,277,292 units at the same price, raising $2,433,275.

Each unit includes one common share and one warrant. The warrants allow holders to purchase additional common shares at $0.155 each for five years following the closing. The private placement units are subject to a four-month-and-one-day hold period under Canadian securities laws.

Research Capital Corporation served as the exclusive finder for the financing and received $226,256 in cash and 1,885,467 non-transferable finder warrants exercisable at $0.12 per share for five years. The company also paid Research a $25,000 advisory fee and issued 175,000 advisor shares at $0.12 per share.

Company insiders purchased 1,533,333 units under the private placement, constituting a related party transaction under securities regulations. The company relied on exemptions from valuation and minority shareholder approval requirements.

Nord stated it plans to use the proceeds to test tailings recovery through an Ontario Ministry Recovery Permit, continue pilot scale testing of its Re-2Ox process with SGS Lakefield, and conduct diamond drilling at the Castle East Property. The funds will also support updating the company's resource estimate and general working capital.

The financing is subject to final TSX Venture Exchange acceptance.

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