sur Europacific Metals Inc. (isin : CA38150M1095)
EuroPacific Closes Final Tranche of Oversubscribed Private Placement for Total Gross Proceeds of $323,000
Vancouver, BC / ACCESSWIRE / September 4, 2024 / EuroPacific Metals Inc. (TSXV:EUP)(OTCQB:AUCCF) announced the closure of the second and final tranche of its non-brokered private placement. The company issued 2,762,500 units at $0.04 per unit, raising gross proceeds of $110,500.
The entire private placement saw the issuance of 8,075,000 units, generating total gross proceeds of $323,000. Each unit consists of one common share and one transferable share purchase warrant. Each warrant allows the holder to buy an additional share at $0.05 for the next two years.
Insiders, including CEO Karim Rayani and Director Deepak Malhotra, subscribed for 1,062,500 units in this tranche. This is categorized as a related party transaction but did not significantly change their ownership percentage in the company. The company is exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.
The raised funds will support further drilling at the Miguel Vacas project in Portugal. All securities from the private placement are subject to a statutory hold period as per Canadian securities laws. The TSX Venture Exchange must still give its final acceptance.
R. P.
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