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FINWIRES

South Pacific Metals Raises CA$20 Million

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South Pacific Metals (SPMC.V) closed its best-efforts private placement of units, raising CA$20 million, it said in a statement on Wednesday.

Each unit consisted of one common share and one two-year warrant, with each warrant entitling the holder to buy a share for CA$1.40. A total of 24.1-million units were issued at CA$0.83 apiece as part of the offering, which includes proceeds from the full exercise of the agents' option to purchase an additional 6-million units, it said.

Proceeds will be used to expand exploration activities and for general corporate needs.

Shares of the company were last seen up 1.3% at CA$0.81 on the TSX Venture Exchange.

Price: $0.81, Change: $+0.01, Percent Change: +1.25%

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Mining & Metals

PMET Completes Phase 2 Caesium Testwork Program at Shaakichiuwaanaan Project

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$PMET.TO
Mining & Metals

Xanadu Appoints Tara Deakin as Chief People Officer

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$XNDU.TO
Mining & Metals

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