T2 Metals completes oversubscribed $1.47 million private placement

T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) closed an oversubscribed private placement raising $1.468 million, the company announced December 11.

The financing consisted of 4,562,567 hard dollar units priced at $0.30 each, generating $1.37 million, and 250,000 flow-through units at $0.40 per unit for $100,000 in gross proceeds.

Each hard dollar unit includes one common share and half of a warrant exercisable at $0.45 for two years. Flow-through units have the same structure with warrants issued on a non-flow-through basis.

The company plans to use proceeds to fund exploration at its Sherridon copper-gold project in Manitoba and Shanghai gold-silver project in the Yukon's Tombstone Gold Belt, along with working capital requirements.

Flow-through proceeds will specifically fund Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures related to the Sherridon Project.

Company insiders participated by purchasing 999,833 hard dollar units and 125,000 flow-through units. The insider participation constituted a related party transaction under securities regulations but was exempt from formal valuation and minority approval requirements as it remained below 25% of the company's market capitalization.

T2 paid $8,100 in finder's fees and issued 27,000 finder's warrants exercisable at $0.45 for two years. All securities are subject to a four-month hold period and regulatory approvals, including TSX Venture Exchange acceptance.

T2 Metals operates copper and precious metal exploration projects including Sherridon, Lida, Cora and Copper Eagle properties.

You May Also Be Interested In

• Waymo Explores Split With Uber - FT
• Freedom Broker Downgrades Gentherm Incorporated (THRM) to Hold
• Capstone Energy (CEPL) files mixed shelf