-- Excalibur Metals (EXCL.V) on Thursday said it closed its previously announced non-brokered private placement for aggregate gross proceeds of $3.6 million.
The company in a statement said it had issued 18 million units, with each consisting of a share and one-half of a warrant at a price of $0.20 per unit. Each full warrant shall entitle the holder thereof to acquire one additional share at a price of $0.30 until April 8, 2028.
The company added that the net proceeds will be used for exploration expenditures, working capital, investor relations and general & administrative expenditures.
"To demonstrate continued support of the Company, certain officers and a director of the Company and their affiliates (each, a "Related Party") participated in the Offering and acquired an aggregate of 725,000 Units for total gross proceeds of $145,000," added the company.
The company's shares were last seen unchanged at $0.24 on the TSX Venture Exchange.