- Arras Minerals Corp. (ARK) has announced a non-brokered private placement for gross proceeds of up to C$3 million
- The company will issue up to 6,666,667 common shares at C$0.45 per share
- Teck Resources Limited has agreed to subscribe for 5,776,000 shares for gross proceeds of $2,599,200, representing approximately a 9.9 per cent interest in the company
- Arras Minerals Corp. is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan
- Arras Minerals Corp. opened trading at $0.40 per share
Arras Minerals Corp. (ARK) has announced a non-brokered private placement for gross proceeds of up to C$3 million.
The company will issue up to 6,666,667 common shares at C$0.45 per share.
Teck Resources Limited has agreed to subscribe for 5,776,000 shares for gross proceeds of $2,599,200, representing approximately a 9.9 per cent interest in the company.
“Arras Minerals is very pleased to welcome Teck as a strategic shareholder,” said Darren Klinck, Arras President.
“We view the investment by this leading global resource company as further confirmation and endorsement of Arras’ early-mover strategy into Kazakhstan, a country that is rich in opportunity and importantly continues to demonstrate strong support and incentives for mineral exploration and mine development,” he added.
In connection with the placement, Arras has agreed to grant Teck an equity participation right to maintain its pro-rata ownership in the company providing Teck’s interest remains above 5 per cent.
The common shares will be offered by way of prospectus exemptions in Canada, and the common shares sold in the placement will be subject to a hold period of four months plus one day.
The offering is expected to close on or before November 21, 2022.
Net proceeds will be used to advance exploration activities at the company’s projects in NE Kazakhstan and for general corporate purposes.
The Beskauga deposit is a gold-copper-silver deposit.
Arras Minerals Corp. is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan.
Arras Minerals Corp. opened trading at $0.40 per share.
