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Crescat Capital Seizes Opportunity with $2 Million Investment in Tectonic Metals Ahead of Drills Turning in August at Flat Gold Project
Second Tranche of Private Placement Launched VANCOUVER, BC / ACCESSWIRE / July 13, 2023 / Tec...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"Crescat Capital Seizes Opportunity with $2 Million Investment in Tectonic Metals Ahead of Drills Turning in August at Flat Gold ProjectSecond Tranche of Private Placement LaunchedVANCOUVER, BC / ACCESSWIRE / July 13, 2023 / TectonicMetals Inc. (TSXV:TECT) (\"Tectonic\" or the \"Company\") today launched the second tranche of the financing previously announced on May 9, 2023, with Crescat Capital (\"Crescat\") committing to an additional investment of up to $2,000,000 ahead of Tectonic's 2023 Flat Drill Program also announced today. Unless otherwise noted, all amounts are expressed in Canadian dollars.\"We are making a strong, unwavering commitment to Tectonic and their inaugural drill program at the Flat Gold Project, an exciting opportunity that we believe could be the next tier 1 opportunity in Alaska,\" stated Kevin Smith, the visionary Founder and Chief Investment Officer of Crescat Capital. \"In addition to the 55 past drilling results that have already uncovered gold mineralization at Chicken Mountain, we are thrilled by the exceptional metallurgical results and surface mineralization. These findings strongly indicate the potential for an open-pit heap-leach opportunity, which is highly sought after by major mining companies. Our dedication to this project is unwavering as we strive to unlock its full potential and seize the incredible prospects it holds for Tectonic shareholders.\"Tectonic is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (the \"Lead Agent\"), alongside 3L Capital Inc. (collectively with the Lead Agent, the \"Agents\") on a ‘commercially reasonable efforts' agency basis in connection with the second tranche (the \"Second Tranche\") by way of a private placement of units (the \"Units\") of the Company at a price of $0.11 per Unit (the \"Offering Price\") for total gross proceeds to the Company from all tranches of up to $6,000,000 (the \"Offering\"). The first tranche of the Offering closed on June 26, 2023, for aggregate gross proceeds of $3,346,785 of which Crescat contributed $658,667 pursuant to a pre-emptive right granted by the Company.Crescat will also be participating in the Second Tranche. Crescat is Tectonic's largest shareholder and currently owns approximately 19.3% of the issued and outstanding common shares of Tectonic. To enable Crescat to incre...