Irruptive Metals closes C$60M private placement for copper-gold project

Irruptive Metals Corp. (TSXV: IRR) has closed a bought deal brokered private placement, raising C$60 million in aggregate gross proceeds, including the full exercise of an overallotment option granted to underwriters.

The company issued 48 million units at C$1.25 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to acquire one common share at C$1.65 for 24 months following the closing date.

Canaccord Genuity Corp. served as sole bookrunner and lead underwriter, alongside Haywood Securities Inc. and Velocity Trade Capital Ltd. The underwriters received a cash fee of C$3,510,000 and were issued 2,880,000 non-transferable broker warrants, each exercisable at C$1.25 per share for 24 months from closing.

Company insiders subscribed for 6,071,995 units totaling C$7,589,993.75. Participants included President and CEO Alfredo Bazo, who subscribed for 181,995 units, along with two 10% security holders who collectively subscribed for the remainder. The company is relying on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.

Net proceeds are designated for advancing the company's Pimentón copper-gold project in Chile, as well as working capital and general corporate purposes.

All securities issued are subject to a Canadian hold period expiring January 11, 2027. The offering remains subject to final acceptance by the TSX Venture Exchange.

The company also granted 150,000 restricted share units to certain advisors and officers, vesting in equal thirds on the first, second, and third anniversaries of the grant date.

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