1844 Resources (EFF.V) completed the first tranche of its non-brokered private placement, raising C$622,100 in total, it said in a statement late Tuesday.
The first tranche consisted of the issuance of 14.5-million flow-through units at C$0.035 per flow-through unit for C$507,150, and 3.8-million hard dollar units at C$0.03 per hard dollar unit for about C$114,950. Proceeds from the sale of the flow-through units will be used to incur eligible Canadian exploration expenses that qualify as critical minerals flow-through mining expenses, it said.
The company plans to use 40% of the proceeds from the hard dollar units for general working capital and corporate needs, 30% for supporting the company's exploration activities, 20% to pay finder's fees and expenses associated with the offering, and 10% for investor relations and marketing.
The company's shares last traded Aug. 10, closing at C$0.025 on the TSX Venture Exchange.