Arras Minerals Concludes $16.1 Million Financing Round

Arras Minerals Corp. has successfully closed its enlarged private placement, raising approximately C$16.1 million. This round involved the issuance of 18,941,177 common shares at $0.85 each. The demand exceeded expectations, with both new and existing investors, including Teck Resources Limited, participating.

The brokered segment of the offering, managed by Haywood Securities and others, saw the issuance of over 15 million shares. The non-brokered segment issued more than 3.8 million shares, significantly boosting Teck's stake in Arras to 9.9%.

The raised funds are earmarked for ongoing and new exploration projects in Kazakhstan, primarily the Elemes Project. Arras aims to leverage these resources to sustain its operations into 2026, fostering flexibility in project management and execution.