Business
RETRANSMISSION: Tectonic Metals Announces Financing of up to $13.5 Million to Accelerate and Expand Drilling Campaign at Flat Gold Project
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"RETRANSMISSION: Tectonic Metals Announces Financing of up to $13.5 Million to Accelerate and Expand Drilling Campaign at Flat Gold ProjectTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / August 1, 2025 / Tectonic Metals Inc. (\"Tectonic\" or the \"Company\") (TSXV:TECT)(OTCQB:TETOF) is pleased to announce an offering of up to 14,210,526 common shares of the Company (the \"Common Shares\") at a price of C$0.95 per Common Share (the \"Offering Price\") for aggregate gross proceeds to the Company of up to C$13,500,000 (the \"Offering\") on a brokered and non-brokered basis (the brokered and non-brokered portions of the Offering are hereinafter referred to as the \"Brokered Offering\" and \"Non-Brokered Offering\", respectively).The Company has entered into an agreement with 3L Capital (the \"LeadAgent\"), pursuant to which the Lead Agent, on behalf of a syndicate of agents (collectively, the \"Agents\") will act as lead agent for the Company on a ‘best efforts' agency basis in connection with the Brokered Offering. The Company has granted the Agents an option, which will allow the Agents to offer up to an additional 20% of the number of initial Common Shares offered under the Brokered Offering at the Offering Price, exercisable in whole or in part at any time until 48 hours prior to the Closing Date (as defined below).Tectonic's largest shareholder, Crescat Capital LLC, who currently beneficially owns or controls approximately 20.98% of the issued and outstanding Common Shares of Tectonic, will be participating in the Offering pursuant to a pre-emptive right granted to them by Tectonic with a $2,000,000 investment for Hold Shares (as defined below).Tony Reda, President and CEO of Tectonic Metals, commented,\"Our Phase One drilling program is on track and the excitement across the Tectonic team continues to grow. The capital from this offering empowers us to quickly launch Phase Two drilling - accelerating our efforts to fully unlock the scale and potential of the Flat Gold Project for the benefit of all stakeholders.\"The Common Shares to be issued under the Offering will be offered to (i) select purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions (\"NI 45...