Salazar Resources Limited (TSXV: SRL) (FSE: CCG) has closed a non-brokered private placement, raising gross proceeds of $3,500,000 through the issuance of 10,000,000 units at $0.35 per unit, according to a company statement.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase one additional common share at $0.60 for two years from closing.

Company insiders participated in the offering, purchasing an aggregate of 405,000 units. The insider participation was classified as a related party transaction under Multilateral Instrument 61-101 but was exempt from formal valuation and minority shareholder approval requirements, as neither the fair market value of securities issued to insiders nor the consideration paid exceeded 25% of the company's market capitalization.

Finder's fees totaling $104,832.60 in cash and 299,521 finder's warrants were paid on a portion of the financing. Each finder's warrant is convertible into one common share at $0.35 for two years from closing.

Net proceeds are designated for working capital and exploration. All securities issued are subject to a four-month hold period and regulatory approvals, including final acceptance by the TSX Venture Exchange.