Teako Minerals closes $400,000 private placement

Executive Summary

• Teako Minerals Corp. closed a non‑brokered private placement of 6,153,847 common shares at $0.065 per share, raising gross proceeds of $400,000.06.
• The offering was led by insider Sverre Holte’s family office (via S.B.S. Capital Management) which purchased 3,076,923 shares, becoming the company’s largest shareholder.
• Net proceeds will be used for continuing exploration activities and general working capital to support additional project deals and potential third‑party revenue work; no finders’ fees were paid.

Key Details

• Shares Issued: 6,153,847 common shares
• Price per Share: $0.065 (non‑brokered)
• Gross Proceeds: $400,000.06
• Largest Shareholder Participation: 3,076,923 shares purchased by the Norwegian family office owned by Sverre Holte (through S.B.S. Capital Management AS).
• Related Party Transaction: Insider participation qualifies as a related‑party transaction under MI 61‑101; exemptions from formal valuation and minority shareholder approval were relied upon because neither price nor consideration exceeded 25 % of market capitalization.
• Use of Proceeds: Funding for ongoing exploration programs, general working capital, pursuit of additional project acquisitions, and potential revenue‑generating third‑party work.
• Finder’s Fees: None paid in cash or securities.

Notable Quotes

(No direct quotes were provided in the release.)