Arras Minerals Announces C$2 Million Non-Brokered Financing

VANCOUVER, BC / ACCESSWIRE / May 21, 2024 / Arras Minerals Corp. (TSXV:ARK) has announced a non-brokered private placement financing of up to 7,692,308 units at C$0.26 per unit, totaling C$2 million. Each unit includes one common share and one-half of a purchase warrant, enabling the purchase of an additional share at C$0.40 within three years.

President Darren Klinck highlighted Arras's advancements in Kazakhstan, supported by a US$2.5 million budget from Teck Resources. CEO Tim Barry added that the company plans to drill three new copper-gold porphyry targets this year, emphasizing Kazakhstan's potential for new discoveries.

The offering's proceeds will fund Arras' exploration program in Kazakhstan and general corporate purposes. The closing is slated for June 4, 2024, pending TSXV approval. Securities issued will have a four-month hold period in Canada and will be subject to U.S. resale restrictions.