Coniagas Battery Metals (TSX-V:COS) told investors it had held a second and final closing of its previously disclosed non-brokered private placement, issuing an aggregate of 858,266 units at $0.12 per unit for gross proceeds of $102,992.
Each unit comprised a share and one-half of a share purchase warrant entitling the holder to purchase an additional share at $0.15 for five years from the date of issuance.
Of the 858,266 units issued, 441,666 are comprised of a share that qualifies as a “flow-through share” as defined by Canada’s tax rules and one-half of a share purchase warrant, representing gross proceeds of approximately $53,000.
The company issued a total of 4,059,433 units in the private placement for gross proceeds of $487,132.
A total of 1,713,666 of the units issued were flow-through units, representing gross flow-through proceeds of $205,639.
Coniagas intends to use the proceeds from the flow-through units for exploration of its Graal copper-nickel property in Quebec and metallurgical test work.
Net proceeds from the non-flow-through units will be used for working capital.
The Canadian junior mining company is focused on nickel, copper, cobalt, and platinum group metals in Quebec.