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Yukon Metals Up 8.8% After Raising $13 Million Via Private Placement of Units

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Yukon Metals (YMC.CN) shares rose 8.8% on Thursday after it completed its "best efforts" agency based private placement, raising proceeds of about C$13 million.

The offering consisted of 6.9-million "flow-through" units (FT units) at C$0.57 per FT unit, and 18.1-million units (HD units) at $0.50 per HD unit. Each offered security consists of one common share and one-half of one common share purchase warrant.

Each warrant entitles the holder to buy a share for C$0.75 until June 11, 2028. Each common share and one-half of one warrant comprising the FT units qualify as "flow-through shares", it said.

"The completion of this financing provides the capital to advance drilling at our copper-gold properties," said Yukon Metals Chief Executive Jim Coates. "Funds will also support target generation across our broader Yukon portfolio."

Certain insiders of the company acquired an aggregate of 2.1-million offered securities, and as such the offering is considered a "related party transaction", it added.

Shares of the company were last seen up $0.035 at $0.435 on the Canadian Securities Exchange.

Price: $0.43, Change: $+0.03, Percent Change: +7.50%

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