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Mosaic Minerals Raises CA$0.59 Million in the First tranche of a Private Placement

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Mosaic Minerals (MOC.CN) closed an initial tranche of a private placement of common and flow-through share units, raising CA$0.59 million, it said Wednesday.

The company placed 3.5-million flow-through units (FT units) priced at CA$0.0105 each and 2.6-million common-share units at CA$0.085 apiece.

Each FT unit is made up of a tax-advantaged share and a one-year warrant to buy a share for CA$0.17. The common-share units consists of a share and a two-year warrant to buy a share for CA$0.12 warrant.

Proceeds from the sale of the FT units will be used to incur eligible "Canadian exploration expenses" on the Golden Island project, in connection with its projects in Quebec, Canada.

The company also said it will soon launch its first drilling campaign on the Golden Island gold project in Abitibi, Quebec. Within the coming weeks, the company expects to get all results from the collected samples, following the technical work and field exploration completed in August.

"We are initially targeting a 10-hole campaign with a minimum depth of 250 meters per hole, for a total of 2,500 meters," said Chief Executive Jonathan Hamel.

Shares of the company closed down 5.6% to CA$0.085 Tuesday on the Canadian Securities Exchange.

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Mining & Metals

PMET Completes Phase 2 Caesium Testwork Program at Shaakichiuwaanaan Project

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Mining & Metals

Xanadu Appoints Tara Deakin as Chief People Officer

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Tourmaline to Sell CA$287.5 Million of Topaz Shares, Raises Quarterly Dividend 5%

Tourmaline Oil (TOU.TO) and Topaz Energy (TPZ.TO) said Tuesday that Tourmaline agreed to sell 10 million common shares of Topaz on a bought-deal basis at CA$28.75 per share for gross proceeds of about CA$287.5 million.The offering includes an option for the purchase of up to an additional 15% of the shares sold to cover over-allotments and for market stabilization.Topaz will not receive any proceeds from the offering.Tourmaline currently owns about 19.9 million Topaz shares, representing approximately 12.9% of the company's outstanding shares. Following the offering, Tourmaline will hold about 9.9 million Topaz shares, representing approximately 6.4% of Topaz, or 5.4% if the over-allotment option is exercised in full.Tourmaline intends to use the net proceeds to repurchase its common shares under the normal course issuer bid. Its board has also approved an increase in the quarterly base dividend effective in the fourth quarter of 2026 from CA$0.50/share to CA$0.525/share, representing a 5% increase from the current base dividend of CA$0.50/share.

$TOU.TO$TPZ.TO