Financings
Bahia closes $5.75-million initial public offering
BMT · Price
Executive Summary
- Bahia Metals Corp. has completed its Initial Public Offering (IPO) of 11.5 million units at $0.50 per unit, raising gross proceeds of $5.75 million, inclusive of the full exercise of the 15% overallotment option.
- The company's common shares commenced trading on the Canadian Securities Exchange (CSE) under the ticker symbol BMT.CN on February 12, 2026.
- Net proceeds will be utilized for work programs at the Mangueiros nickel sulphide-copper cobalt project in Brazil and for general working capital.
Key Details
- Units Sold: 11,500,000 units.
- Price Per Unit: $0.50 CAD.
- Gross Proceeds: $5,750,000 CAD.
- Overallotment: Full exercise of the 15% overallotment option.
- Unit Composition: Each unit consists of one common share and one-half of one common share purchase warrant.
- Warrant Terms:
- Each whole warrant entitles the holder to purchase one common share at an exercise price of $0.90 per share.
- Warrant expiration date: February 11, 2029.
- Acceleration Right: Warrants expire 30 days following written notice if the closing share price on the CSE is $1.50 or greater for seven trading days within any 20-consecutive-day period.
- Agency Agreement:
- Agent: Canaccord Genuity Corp.
- Agreement Date: January 30, 2026.
- Cash Commission Paid: $347,958.
- Shares Issued to Agent: 100,000 common shares.
- Warrants Granted to Agent: Non-transferable warrants to purchase up to 795,916 common shares at $0.50 per share, expiring February 11, 2029, subject to acceleration and a voluntary six-month hold period.
- Use of Proceeds: Work programs at the Mangueiros nickel sulphide-copper cobalt project (Bahia state, Brazil) and general working capital.
- Corporate Milestone: CEO Stephen Goodman confirmed the company secured 100% ownership of the project, initially advanced by Appian Capital Advisory Ltd.
- Upcoming Event: The company will attend PDAC 2026 from March 1 to March 4, 2026.
Notable Quotes
- "Bahia Metals has completed the requirements to secure 100 per cent of the project that was initially owned and advanced by investors related to Appian Capital Advisory Ltd. This milestone is a positive step in the company's trajectory towards increasing shareholder value." — Stephen Goodman, Chief Executive Officer