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Norseman Capital ( (TSE:FTZ) ) has issued an update.
Fitzroy Minerals has closed the second and final tranche of its non-brokered private placement, bringing total gross proceeds to $21.16 million through a combination of LIFE Shares and Units priced at $0.50. The financing structure includes common shares free of resale restrictions under the listed issuer financing exemption and Units with attached warrants exercisable at $0.80, alongside cash and warrant-based finder’s fees that remain subject to TSX Venture Exchange approval.
The company plans to use the proceeds to fund exploration and property commitments at its Buen Retiro and Caballos projects, advance the Polimet project, prepare a reorganization of the Taquetren project, and cover general corporate and working capital needs. Fitzroy also corrected its earlier disclosure regarding major investor Ptolemy Capital Limited, which now holds just over 22% of the company’s outstanding shares, underscoring a concentrated shareholder base as Fitzroy intensifies project development efforts.
More about Norseman Capital
Fitzroy Minerals Inc. is a Vancouver-based mineral exploration company listed on the TSX Venture Exchange, OTCQX and Frankfurt Stock Exchange. The company focuses on advancing a portfolio of exploration-stage projects, including the Buen Retiro, Caballos, Polimet and Taquetren properties, with an emphasis on resource development and value creation for shareholders in the mining sector.
Average Trading Volume: 212,634
Technical Sentiment Signal: Buy
Current Market Cap: C$118.9M
See more data about FTZ stock on TipRanks’ Stock Analysis page.