Avalon gets $2.5 million from Sibelco to advance non-JV projects
The companies are partners on the Separation Rapids lithium project in Kenora, Ontario, which is currently in the drilling stage.
Regulus Resources (TSXV: REG) has closed its previously announced bought deal financing, including the exercise in full of the underwriter’s option.
Under the public offering, the company issued 7.78 million units at C$1.06 per unit, with each comprising one common share and one half of one common share purchase warrant, for aggregate gross proceeds of approximately C$8.25 million.
An additional 3.07 million units were sold to certain funds managed by Route One Investment Co. LP, the company’s largest shareholder, for gross proceeds of C$3.25 million. Together with the public offering, the company raised total gross proceeds of C$11.5 million.
Net proceeds of the financing will be used to fund exploration and development activities at the company’s flagship AntaKori copper-gold-silver project in Peru.
Located nearly 4,000 metres above sea level in the Yanacocha-Hualgayoc mining district, the AntaKori property comprises a 212-hectare concession, with an additional 49 hectares pending to be added to the project portfolio.
Shares of Regulus Resources were up over 5% during Friday’s session. The Vancouver-based miner has a market capitalization of C$108.3 million.
