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Tectonic Metals Set to Commence Drilling After Successfully Closing Oversubscribed $3 Million Private Placement; Extends Offering by $1 Million
Tectonic Appoints Investor Relations VANCOUVER, BC / ACCESSWIRE / August 19, 2024 / Tecton...
About this update from Tectonic Metals, Inc.
[{"type":"text","content":"Tectonic Metals Set to Commence Drilling After Successfully Closing Oversubscribed $3 Million Private Placement; Extends Offering by $1 MillionTectonic Appoints Investor Relations VANCOUVER, BC / ACCESSWIRE / August 19, 2024 / Tectonic Metals Inc. (\"Tectonic\" or the \"Company\") (TSX-V:TECT)(OTCQB:TETOF) today announced the successful closing of the Company's oversubscribed, non-brokered private placement financing (the \"Initial Offering\") for gross proceeds of C$3,070,639, by issuing 51,177,317 Units of the Company (the \"Units\") at a price of C$0.06 per Unit (see details below). Due to strong investor interest, the Company is also announcing an extension of the Initial Offering for an additional C$1,000,000 (the \"Extended Offering\") of which C$1,000,000 may be issued pursuant to the Listed Issuer Financing Exemption (\"LIFE\") (see details below). With substantial funds allocated, Tectonic Metals is now set to launch the 2024 drill program on the Company's Flat Gold Project in Alaska.Tony Reda, President and CEO of Tectonic Metals, commented,\"Despite a challenging market environment, our dedicated team successfully raised over $3 million in capital to support the highly anticipated second year of drilling at our Flat Gold Project. With these funds secured, we are poised to commence drilling on Flat and its extensive, kilometre-long intrusion targets in the coming weeks. In response to heightened investor and shareholder interest, we are extending the Offering to raise additional capital. Every dollar raised translates directly into additional metres drilled and the potential for new gold discoveries. We are grateful for the ongoing support from our investors, including Crescat Capital, whose confidence in our team and the tier-one potential of the Flat Gold Project is truly valued. Our team is more enthusiastic than ever to return to the field and test some of the most promising targets we've identified to date.\"Units (LIFE and HOLD)Each Unit is composed of one Common Share in the capital of Tectonic (a \"Common Share\") and one-half Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into one Common Share at an exercise price of C$0.10 per Common Share and expires two years from the closing date of the Initial Offering, or Extended Offering, as applicable). Un...