Twenty Mile Metals closes $2M private placement, issues 25M shares

Twenty Mile Metals Inc. (TSXV: MILE) has closed a non-brokered private placement, raising $2,000,000 through the issuance of 25,000,000 common shares at $0.08 per share.

The company said it plans to use the proceeds for general exploration activities, including later exploration phases on its Twenty Mile property in British Columbia, to evaluate a potential acquisition of a secondary property, and for general corporate purposes.

No finders' fees, commissions, or broker warrants were paid in connection with the offering. All shares issued are subject to a hold period expiring February 20, 2027, under applicable securities laws and TSX Venture Exchange policies. The offering remains subject to final acceptance by the TSXV.

Chris Beltgens, CEO and director of the company, participated in the offering by subscribing for 62,500 common shares for gross proceeds of $5,000. The participation is classified as a related party transaction under Multilateral Instrument 61-101, though the company said it is relying on exemptions from formal valuation and minority shareholder approval requirements, as the insider's transaction does not exceed 25% of the company's market capitalization.

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