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MONTREAL, July 2 /CNW Telbec/ - Canadian Royalties Inc. (TSX: CZZ) today announced that it has closed a non brokered private placement financing of 2,028,234 flow-through common shares at a price of $3.00 per share for gross proceeds of $6,084,702. Several Flow Through LP's managed by Mavrix Fund Management Inc. purchased a total 2,000,000 of the available units.
The proceeds from the offering will be used to fund the Company's advanced exploration programs, primarily in respect of its Raglan South Nickel project located in Nunavik, Quebec. In connection with the private placement, the Company has paid a finder's fee to Anthem Capital Group Inc.
About Canadian Royalties and the Nunavik Nickel Project
Canadian Royalties has initiated the development of an independent, stand-alone nickel-copper mine on its Nunavik Nickel Project, located 20 kilometres south of Xstrata Nickel's Raglan Mine in Nunavik, Quebec. Canadian Royalties has now received its Environmental Certificate of Authorization and is proceeding with construction.