Perseverance Metals raises $11.8M via private placement

Perseverance Metals Inc. (TSXV: PMI) closed a non-brokered private placement of 18,121,426 common shares at $0.65 per share, raising gross proceeds of approximately $11.8M, according to a company statement.

Investors in the offering included Teck Resources Limited, Altius Minerals Corp., Crescat Capital, and NQIM (NQ Investissement Minier), a regional institutional mining fund focused on Northern Quebec's mining sector.

The company said it plans to use the net proceeds to fund a diamond drill campaign at its Voyageur project in Michigan's Upper Peninsula, continued exploration at its Lac Gayot project in Quebec and Armit Lake project in Ontario, and for general corporate purposes.

In connection with the offering, the company paid $42,543 in cash commissions to certain finders and issued 65,450 finder's warrants, each exercisable at $0.65 per share for 24 months from issuance.

Company insiders purchased an aggregate of 92,300 shares under the offering, constituting a related-party transaction under Multilateral Instrument 61-101. Perseverance said it relied on applicable exemptions from formal valuation and minority shareholder approval requirements, as the insider participation did not exceed 25% of the company's market capitalization.

The offering remains subject to final approval by the TSX Venture Exchange. All securities issued are subject to a statutory hold period of four months and one day under applicable Canadian securities laws.

John Foulkes, President of Perseverance Metals, said the company would use the proceeds to accelerate exploration efforts in Michigan and pursue new discoveries across the Voyageur project.

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