Emergent Metals (TSXV: EMR) last night indicated it is looking to raise funds for further exploration of its Quebec properties. The firm will be raising funds through a flow-through private placement.
The financing will see the company sell up to 3.1 million flow through units at a price of $0.32 per unit. Each unit is set to contain one common share and one half of a transferable common share purchase warrant. Warrants will contain an exercise price of $0.45 per share, and are valid for two years from the date of issuance.
Certain insiders have reportedly disclosed interest in participating in the financing, however dollar terms were not provided at this time.
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Proceeds from the financing are set to be used for the firms properties in Quebec. The firms principal asset in Quebec consists of the Casa South Property, which comprises of 11,400 hectares, which are contiguous to Hecla Mining’s Casa Berardi Mine, which entered production in 1988. The company currently plants to conduct a drill program on the property in 2023.
Emergent Metals last traded at $0.25 on the TSX Venture.
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