- Arras Minerals Corp. (ARK) has announced its intention to increase its private placement to C$6.3 million
- The increase of the previously-announced non-brokered private placement financing from $3 million is due to strong demand
- Arras plans to increase the private placement to an aggregate of up to 14,000,000 common shares at $0.45 per share for gross proceeds of up to $6.3 million
- 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 $0.50 per share
Arras Minerals Corp. (ARK) has announced its intention to increase its previously-announced private placement to C$6.3 million.
The increase of the previously-announced non-brokered private placement financing from $3 million is due to strong demand.
Arras Minerals Corp. plans to increase the private placement to an aggregate of up to 14,000,000 common shares at $0.45 per share for gross proceeds of up to $6.3 million. There includes a possibility of an over-allotment of up to an additional 30 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 closing of the placement is expected to occur on or before December 6, 2022, subject to regulatory approval.
The company intends to use the proceeds of the placement 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.
Beskauga is located within the highly under-explored Bozshakol-Chingiz Volcanic Arc, which hosts KAZ Minerals’ Bozshakol porphyry Cu-Au mine, only 130 km west of Beskauga.
Arras Minerals Corp. is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the option agreement on the Beskauga copper and gold project.
Arras Minerals Corp. opened trading at $0.50 per share.