• Blue Thunder Mining (BLUE) has raised C$2.41 million to fund exploration work at its Muus Project in Quebec’s Abitibi Greenstone belt
  • The company issued 2.7 million units at a price of $0.10 each along with just over 19.4 million flow-through common shares at a price of $0.11 each
  • Each unit is comprised of one common share and one-half of a share purchase warrant, where each whole warrant will be exercisable at a price of $0.15 per share for a period of 24 months
  • Field work at the Muus Project is expected to begin early next year
  • Blue Thunder Mining is currently down 4.17 per cent to $0.12 per share

Blue Thunder Mining (BLUE) has raised C$2.41 million to fund exploration work at its Muus Project in Quebec’s Abitibi Greenstone belt.

Located 30 kilometres south of Chapais and 50 kilometres southwest of Chibougamau, the wholly owned Muus Project consists of 924 claims over 51,000 hectares.

Under the terms of the offering, which was announced on November 20 and upsized on December 7, the Toronto-based gold exploration company issued a total of 2.7 million units at a price of $0.10 each.

These units are comprised of one common share in Blue Thunder and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional share in the company at a price of $0.15 for a period of 24 months from the date of issuance.

Blue Thunder also issued just over 19.4 million flow-through common shares at a price of $0.11 each.

In connection with the offering, Blue Thunder paid a cash commission to Red Cloud Securities of $103,250 in cash as well as an advisory fee of $17,500.

The company also issued 935,457 non-transferrable compensation warrants and 162,274 advisory warrants, allowing Red Cloud to purchase a total of up to 1,097,731 common shares at an exercise price of $0.11 for a period of 24 months.

“We are very pleased to welcome several new investors to Blue Thunder and are grateful for the continued support of our existing shareholders that also participated in the financing,” said Robert Cinits, President and CEO of Blue Thunder Mining.

“We are really excited about the exploration potential on our properties, which are located in the very active Chibougamau Gold District and we look forward to rolling up our sleeves and initiating field work early in the New Year,” he added.

Blue Thunder Mining is currently down 4.17 per cent to $0.12 per share at 12:14pm EST.

More From The Market Online

Search suspended for SSR miners missing after Türkiye mine collapse

SSR Mining (TSX:SSRM) provided an update on the tragedy that struck its Çöpler gold operation in eastern Türkiye.

Canada Nickel completes initial infill drilling at Bannockburn Property

Canada Nickel Company (TSXV:CNC) has reported the first five holes at its Bannockburn Property's "B" zone have been drilled.

E3 Lithium selects technology for first commercial plant

E3 Lithium (TSXV:ETL) provided an update on the selection process for direct lithium extraction technology in its field pilot plant.

Game-changing drill results from Quebec could lead this junior to gold dominance in Canada 

Goldflare Exploration (TSXV:GOFL) is changing the landscape of gold exploration in Canada thanks to its presence in Quebec.