Bemetals raises $1.13-million, arranges $749K financing

Executive Summary

• Bemetals Corp. raised approximately $1.133 M from the sale of marketable securities, increasing its cash balance to about $1.52 M.
• The company announced a non‑brokered private placement of up to 10.7 million flow‑through common shares at C$0.07 per share, targeting gross proceeds of up to $749,000.
• Proceeds will fund qualifying exploration expenditures on the Savant gold project in Ontario, with work commencing in early October and required expenditure completion by Dec 31 2026.

Key Details

• Marketable Securities Sale:
• Gross proceeds: ~$1,133,000.
• Conducted via TSX Venture Exchange facilities.

• Cash balance post‑sale: ~$1.52 M.

• Flow‑Through Private Placement:

• Shares offered: up to 10.7 million common shares (flow‑through).
• Price per share: C$0.07.
• Target gross proceeds: up to $749,000.

• Non‑brokered; subject to TSX Venture Exchange approval and a four‑month hold period under Canadian securities law.

• Use of Proceeds:

• To incur qualifying exploration expenditures on the Savant gold project (Ontario).
• Activities include early‑October ground sampling, mapping, and geological data collection to prioritize drill targets.

• Expenditures must be incurred by Dec 31 2026 and renounced to subscribers no later than Dec 31 2025.

• Closing Conditions:

• Approval from TSX Venture Exchange required.
• Potential payment of finders’ fees to arm’s‑length finders, subject to TSX‑V approval.

Notable Quotes

(No direct quotes were provided in the release.)