Business
Valhalla Metals Announces Closing of First Tranche of Over-Subscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Valhalla Metals Inc. (TSXV: VMXX) ...
About this update from Valhalla Metals Inc.
[{"type":"text","content":"Valhalla Metals Announces Closing of First Tranche of Over-Subscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 19, 2026) - Valhalla Metals Inc. (TSXV: VMXX) (OTCQB: VMXXF) (\"Valhalla\" or the \"Company\") is pleased to announce that the Company has completed the first tranche of its over-subscribed non-brokered private placement (the \"Offering\") of subscription receipts (the \"Subscription Receipts\"), previously announced on April 30, 2026 and May 4, 2026. Pursuant to the first tranche of the Offering, the Company issued an aggregate of 20,385,368 Subscription Receipts for aggregate gross proceeds of approximately $13.25 million at a price of $0.65 per Subscription Receipt, with an order from Teck Resources Limited (\"Teck\") for $1.75M. A final tranche of the Offering is expected to close by late May.The Offering is being undertaken in connection with the Company's previously announced acquisition of the copper-gold-silver-zinc Smucker Project (the \"Smucker Project\") from Teck American Incorporated, a subsidiary of Teck (the \"Transaction\") (see news release dated April 21, 2026). The completion of the first tranche of the Offering satisfies a condition to the closing of the Transaction, which is expected to be completed in late May or early June 2026.The net proceeds of the Offering are expected to fund exploration expenditures at the Company's Sun Property, including a drill program, and at the Company's Smucker Project following completion of the Transaction, for mapping and survey work, plus for general and administrative costs.In connection with the Offering, the Company has agreed to pay cash finder's fees to certain finders (the \"Finders\") equal to 6% of the gross proceeds raised from subscriptions arranged by each such Finder, for an aggregate of $274,950.86 in Finders fees. The Finders fees will be payable upon conversion of the Subscription Receipts into Shares (as defined below) once the Escrow Release Condition (as defined below) is satisfied. The Offering is subject to the final approval of the TSX Venture Exchange (the \"TSXV\"). All securities issued pursuant to the Offering are subject to a four-month and one-day hold period from the date of closing the Offering.Subscription Receipt TermsThe gross proceeds of the Offering will be placed in escrow pending completion, satisfacti...