• Centurion Minerals Ltd. (CTN) has outlined the plans for its assets this year and announced a $750,000 private placement
  • 2023 exploration efforts for the Casa Berardi West Gold Project in Ontario will be focused on data collection and drill work on priority targets
  • Recently, the company’s subsidiary, SpinCo, partnered with Beverage Hai to create a single-serve powdered cannabis drink product
  • Lastly, Centurion Minerals is arranging a non-brokered private placement financing for up to $750,000
  • Centurion Minerals Ltd. (CTN) is up 25 per cent, trading at $0.02 per share as of 12:55 p.m. EST

Centurion Minerals (CTN) has outlined the plans for its assets this year and announced a $750,000 private placement.

According to the company, its 2023 exploration efforts for the Casa Berardi West Gold Project in Ontario will be focused on collecting all historical data, completing ground geophysics over priority targets, and working on an initial drill program covering identified targets. The project is made up of three claim groups covering a total of 4,700 hectares.

Back in August, Centurion Minerals completed a transaction to transfer all its cannabis assets and select liabilities to its subsidiary 1364565 B.C. LTD. (SpinCo). As a result of the transaction, Centurion Minerals shareholders are also shareholders of SpinCo on a 1:1 basis.

Recently, SpinCo signed a letter of intent to complete a business amalgamation with Hai Beverage which has already received the approval of Beverage Hai’s shareholders.

SpinCo and Hai are implementing a business plan to commercialize Hai’s dry water-soluble cannabis technology for single-serve powdered drink products. If implemented, the next step would be to bring the business public.

Lastly, Centurion Minerals is arranging a non-brokered private placement financing for up to $750,000 for $0.02 per unit. Each unit will have one common share and half of a share purchase warrant. After the deal has closed, a full warrant will entitle the holder to buy one common share for $0.05 apiece in the first year and $0.10 during the second year.

A minimum of 25 per cent of the proceeds from the financing will be used for property payments and furthering exploration activities on the Casa Berardi West Gold Project, and 15 per cent for non-arm’s length payments. The balance shall be used for working capital and general corporate activities.

Centurion Minerals Ltd. (CTN) is up 25 per cent, trading at $0.02 per share as of 12:55 p.m. 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.

SweetWater Brewing inks partnership with Atlanta United FC

SweetWater Brewing, a subsidiary of Tilray Brands, has signed on as official craft beer partner of Major League Soccer’s Atlanta United FC.

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.