Nord Precious Metals raises $1.2-million

Executive Summary

• Nord Precious Metals Mining Inc. closed its second and final tranche of a non‑brokered private placement, issuing 400,000 units at $0.12 per unit for gross proceeds of $48,000, bringing total proceeds from both tranches to $228,400.
• The company also completed a flow‑through financing, issuing 8,333,400 FT units at $0.12 per unit for gross proceeds of $1,000,008.
• Proceeds are earmarked for exploration on the Castle East project in Gowganda, Ontario, and for general working capital; the FT proceeds are dedicated to Castle East exploration.

Key Details

• Unit Private Placement (Tranche 2)
• Units issued: 400,000
• Price per unit: $0.12
• Gross proceeds: $48,000 (total $228,400 for both tranches)
• Unit composition: 1 common share + 1 share purchase warrant (exercise price $0.155, five‑year term)

• Finder’s fees paid: $3,360 cash + 28,000 non‑transferable finder warrants (exercise price $0.155, five‑year term)

• Flow‑Through Financing

• FT units issued: 8,333,400
• Price per FT unit: $0.12
• Gross proceeds: $1,000,008
• FT unit composition: 1 flow‑through common share + 1 share purchase warrant (exercise price $0.18, two‑year term)

• Finder’s fees paid: $70,000.56 cash + 550,060 non‑transferable finder warrants (exercise price $0.18, two‑year term)

• Regulatory Conditions

• All securities subject to TSX Venture Exchange final approval and a four‑month‑and‑a‑day hold period per Canadian securities law.

• Use of Proceeds

• Unit placement: Exploration at Castle East (Gowganda, ON) + general working capital & administrative costs.
• FT placement: Exclusive funding for exploration at Castle East (Gowganda, ON).

Notable Quotes

(No direct quotes were provided in the release.)