Infinity Stone Ventures Corp (CSE:GEMS) announced it has closed the first tranche a non-brokered private placement of flow-through units to raise funds for its exploration projects.
The Vancouver-based resource company issued two million units at a price of $0.20 per unit, for gross proceeds of $400,000.
Each unit is comprised of one Class A subordinate voting share and one-half of one share purchase warrant. Each whole warrant is exercisable into one share at a price of $0.30 for a period of three years from the date of issuance.
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In connection with the second tranche, Infinity Stone issued 140,000 finders' warrants, and paid finder's fees of $28,000. Each finders' warrant is exercisable at a price of $0.30 for a period of three years from the date of issuance.
The gross proceeds from the offering will be used to incur eligible Canadian exploration expenses that are flow-through mining expenditures related to the company's mining projects.
Infinity Stone’s energy metals portfolio includes 100% interest in critical mineral deposits and occurrences in stable mining-friendly jurisdictions, close to final use destinations in North American manufacturing hubs.
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