RETRANSMISSION: Perseverance Metals Closes $11.8M Non-Brokered Private Placement
Perseverance raises $11.8m to fund drilling at its Voyageur and Lac Gayot projects.
Perseverance Metals Inc. has closed a non-brokered private placement of 18,121,426 common shares at $0.65 per share, generating gross proceeds of $11,778,926.90. The offering attracted investors including Teck Resources Limited, Altius Minerals Corp., Crescat Capital, and NQ Investissement Minier (NQIM).
The net proceeds from the transaction will fund ongoing diamond drilling at the company’s Voyageur project in Michigan, as well as exploration activities at the Lac Gayot property in Quebec and the Armit Lake property in Ontario, with remaining funds allocated to general corporate purposes.
As part of the financing, the company issued 65,450 finder’s warrants with an exercise price of $0.65, exercisable for a period of 24 months. Cash commissions of $42,543 were paid to the finders involved in the transaction.
Securities issued in the placement are subject to a statutory hold period of four months and one day, pending final approval from the TSXV. Additionally, insiders purchased 92,300 shares, relying on exemptions under National Instrument 61-101 for valuation and approval.
Perseverance Metals Inc. (PMI) has closed a previously announced financing, upsizing the transaction from $8 million to $11.8 million. The $0.65 issue price aligns with the company's recent trading range of $0.60 to $0.75.
The capital injection significantly extends the company's cash runway, covering planned 2026 drill programs across three jurisdictions. The offering saw strong institutional and industry participation from Teck, Altius, and NQIM. This involvement validates the exploration thesis but does not constitute a first-time strategic investment or a change in control.
The transaction results in the issuance of approximately 18.1 million new shares.
Perseverance Metals Inc. (PMI) is an exploration-stage critical minerals company focused on Ni-Cu-Co-PGE and hard-rock lithium projects in North America. The company generates no revenue, with value derived entirely from exploration success and option or earn-in agreements.
Its flagship assets include the Voyageur project in Michigan, located approximately 70 km west of Lundin's Eagle Mine, which targets Mid-Continent Rift ultramafic host rocks. Recent activity at the Osprey discovery has identified near-surface magmatic Ni-Cu sulphides. In Quebec, the Lac Gayot project features the Venus East Trend, defined over an area of 6 km by 2 km. High-grade intersections at the Baseline Zone include 4.03% Ni over 2.1 m. The company also holds the Armit Lake project in Ontario, which is currently in the exploration stage for Ni-Cu-Co.