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Errington Metals Raises C$34.5 Million in Private Placement of Shares and Flow-Through Shares

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Errington Metals (EM.V) said Tuesday after trade it raised C$34.5 million in a private placement of shares and flow-through shares.

The company issued 1.93-million flow-through shares at C$5.19 each, raising C$10 million, and 7-million shares at C$3.50 each, for C$24.5 million proceeds.

Proceeds will be used to develop Errington's Sudbury Basin Project in Ontario, where it is completing a 45,000-meter drill program to support an initial mineral resource estimate and test regional targets.

Errington Metals shares edged down C$0.005 to C$3.95 on the TSX Venture Exchange.

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