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Perseverance Metals Completes C$2.8M First Tranche of Private Placement, including a 9.9% Strategic Investment from a Major Canadian Mining Company
Vancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Perseverance Metals Inc. (" P...
About this update from Teck Resources Limited Class A
[{"type":"text","content":"Perseverance Metals Completes C$2.8M First Tranche of Private Placement, including a 9.9% Strategic Investment from a Major Canadian Mining CompanyVancouver, British Columbia--(Newsfile Corp. - November 28, 2023) - Perseverance Metals Inc. (\"Perseverance\" or the \"Company\") is pleased to announce that it has closed the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Private Placement\") for aggregate gross proceeds of C$2,848,066. The First Tranche included a 9.9% strategic investment from Teck Resources Limited (TSX: TECK.A) (TSX: TECK.B) (NYSE: TECK) (\"Teck\"), one of Canada's leading mining companies, and significant investments from two prominent resource-focused funds in Québec: SIDEX, LP (\"SIDEX\") and Fonds de solidarité FTQ (\"Fonds FTQ\").The First Tranche of the Private Placement was comprised of 1,489,325 common shares of the Company (the \"Hard Dollar Shares\") issued at a price of C$0.80 per Hard Dollar Share; 864,675 common shares of the Company that qualify as \"flow-through shares\" within the meaning of the Income Tax Act (Canada)(the \"Act\") and sold to purchasers in the province of Québec (the \"Québec FT Shares\") at a price of C$1.52 per Québec FT Share; and 326,000 common shares of the Company that qualify as \"flow-through shares\" within the meaning of the Act and sold to purchasers in the province of Ontario (the \"Ontario FT Shares\") at a price of CA$1.05 per Ontario FT Share.Michael J. Tucker, President and CEO of Perseverance commented, \"We are very pleased to welcome Teck, one of the world's leading diversified mining companies, as a significant strategic investor. Teck's investment in Perseverance is a strong endorsement of the quality of the portfolio of critical mineral assets we have assembled, and of the vision, culture and expertise of our management team, exploration team, board of directors, and advisory board.\"In addition, we recognize the significant endorsement represented by the investments made by SIDEX (5.0%) and Fonds FTQ (3.0%) at our still-private stage, and look forward to deploying this capital to execute aggressive exploration programs at our Lac Gayot (Quebec), Voyageur (Michigan), and Armit Lake (Ontario) nickel projects in the coming months, as we progress towards our goal of making a major North American nick...