Perseverance Metals closes $11.8M private placement with Teck, others

Perseverance Metals Inc. (TSXV: PMI) has closed a non-brokered private placement, raising approximately $11.8M through the issuance of 18,121,426 common shares at $0.65 per share.

Investors in the offering included Teck Resources Limited, Altius Minerals Corp., Crescat Capital, and NQIM (NQ Investissement Minier), along with other institutional investors. Company insiders purchased an aggregate of 92,300 shares under the offering, constituting a related party transaction under Multilateral Instrument 61-101, from which the company claimed applicable exemptions.

The company stated it intends to use the net proceeds to fund an ongoing diamond drill campaign at its Voyageur project in Michigan's Upper Peninsula, continued exploration at its Lac Gayot project in Quebec and Armit Lake project in Ontario, and for general corporate purposes.

In connection with the offering, the company paid $42,543 in cash commissions to certain finders and issued 65,450 finder's warrants, each exercisable at $0.65 per share for 24 months from issuance.

John Foulkes, President, said the financing reflected "institutional and industry interest" in the company's Osprey discovery and its Voyageur project, adding that the company would be "accelerating our efforts in Michigan in pursuit of economic mineralization at Osprey, and new discoveries across the greater Voyageur project."

The offering remains subject to final approval from the TSX Venture Exchange. All securities issued carry a statutory hold period of four months and one day under Canadian securities laws.

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