Palamina completes $2.7 million private placement fundraising

Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) closed the second tranche of its non-brokered private placement offering, raising an additional $1,095,625 through the issuance of 8,765,000 units priced at $0.125 per unit.

Combined with the first tranche announced November 12, the offering generated aggregate gross proceeds of $2.7 million. Each unit consists of one common share and one warrant exercisable at $0.20 per share for two years, with acceleration provisions if the stock trades at $0.35 per share on a volume-weighted average basis over 10 consecutive days.

The Toronto-based exploration company stated proceeds will fund advancement of its Galena silver copper manganese project and Usicayos gold project, plus general corporate and working capital purposes. Securities issued in the second tranche are subject to a statutory hold period ending April 17, 2026.

Director Sean Spraggett purchased 112,000 units in the offering, constituting a related party transaction under regulatory guidelines. The company paid cash finder's fees of $23,287 and issued 186,300 finder's warrants exercisable at $0.125 per share for two years.

Palamina operates exploration projects in Peru, including copper-silver assets in southeastern and northeastern regions and gold projects in the Puno Orogenic Gold Belt. The offering remains subject to TSX Venture Exchange acceptance of regulatory filings.

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