Selkirk private placement to raise at least C$20m for Minto exploration
TSX-V-listed Selkirk Copper Mines has signed an agreement with Canaccord Genuity Corporation on behalf of a syndicate of underwriters to purchase on a private placement basis more than 13-million shares of the company at a price of C$1.15 apiece.
This will raise aggregate gross proceeds of C$15-million and another C$5-million will result from 2.9-million "flow-through" shares.
Selkirk will grant the underwriters the option to purchase up to an additional 4.3-million shares at the same offering price for additional gross proceeds of up to C$5-million exercisable at any time up to 48 hours prior to the closing of the offering, which is expected on or about April 30.
The group intends to use the proceeds from the private placement to continue developing the Minto mine, in Canada's Yukon territory, as well as for working capital and general corporate purposes.
Selkirk, in partnership with the Selkirk First Nation, is working to restart the high-grade Minto copper, gold and silver mine which was abandoned in 2023. Selkirk has already undertaken extensive drilling to expand Minto's resources, with recent results having confirmed high-grade mineralisation at the Minto North and Minto East zones.
