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Azarga Metals ( (TSE:AZR) ) has issued an update.
Azarga Metals has closed a non-brokered private placement raising $1 million through the issuance of 10 million units priced at $0.10, each comprising one common share and half a warrant exercisable at $0.20 for two years. Net proceeds will fund preparation of an exploration program at its Marg copper project in Yukon and support general working capital needs.
The financing included cash finder’s fees, share and warrant compensation to arm’s length finders, and participation by major shareholder Superb Standard Ltd., which subscribed for 2.5 million units as a related-party transaction under MI 61-101. The placement, which remains subject to final regulatory approvals and a four-month-plus-one-day hold period on securities, strengthens Azarga’s balance sheet as it advances exploration at its flagship asset.
More about Azarga Metals
Azarga Metals Corp. is a Vancouver-based mineral exploration company focused on its 100%-owned high-grade, copper-rich volcanogenic massive sulphide Marg project in the Keno Hill Silver District of Yukon Territory. The company’s activities center on advancing this Canadian copper-focused asset through exploration work and related project development steps.
Average Trading Volume: 24,271
Technical Sentiment Signal: Hold
Current Market Cap: C$11.76M
Learn more about AZR stock on TipRanks’ Stock Analysis page.