Valkea Resources raises C$2.5 million in private placement

Valkea Resources Corp. (TSXV: OZ) (OTCQB: OZBKF) completed a non-brokered private placement financing that raised C$2.5 million in gross proceeds, according to a company statement.

The financing involved issuing 10 million units at C$0.25 per unit. Each unit consists of one common share and half of a common share purchase warrant. The warrants allow holders to purchase additional shares at C$0.35 each within 36 months of the closing date.

"We are very pleased to close this $2.5 million financing with strong participation from our existing shareholders, including key holders maintaining their 9.9% positions," said Chris Donaldson, CEO and Executive Chairman. "This level of support reflects continued confidence in Valkea's strategy and our Central Lapland gold portfolio."

The company paid C$49,500 in finder fees and issued 198,000 finder warrants exercisable at C$0.35 per share until January 14, 2029. Directors and officers purchased 220,500 units for C$55,000 as part of the financing.

Proceeds will fund exploration of the company's Paana project and working capital requirements. The securities are subject to a four-month and one-day hold period under Canadian securities laws and require final approval from the TSX Venture Exchange.

Separately, Valkea granted 1 million stock options to consultants, exercisable at C$0.40 per share for five years under the company's stock option plan.

The Vancouver-based company focuses on gold exploration in Finland's Central Lapland Greenstone Belt through multiple projects including its Paana property.

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