Resouro upsizes private placement to $2.5M, closes first tranche

Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; FSE: 8TX) has completed the first closing of a non-brokered private placement, issuing 7,440,000 common shares at $0.25 per share for gross proceeds of $1,860,000, according to a company statement.

The offering was increased from an original size of 8,000,000 shares, targeting $2,000,000 in gross proceeds, to 10,000,000 shares for aggregate gross proceeds of $2,500,000. The company cited strong investor demand for the increase. The expanded offering remains subject to acceptance by the TSX Venture Exchange.

Resouro expects to complete a second and final closing shortly. A cash finders' fee of $4,500 was paid in connection with the offering.

The company intends to use the net proceeds to advance an environmental program related to a Preliminary Feasibility Study for its Tiros project in Brazil, as well as for general working capital. All securities issued are subject to a statutory hold period of four months and one day from the date of issuance under Canadian securities laws and TSX Venture Exchange policies.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption.

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