Stardust Metal Raises $5.26 Million in Total After Closing Final Tranche of Financing Led by Daniel Earle
Stardust Metal (ZIGY.CN) on Friday said it closed the final tranche of a non-brokered private placement of lflow-through shares, raising $5.26 million in total.The second, final tranche consisted of 4.3-million premium flow-through units (PFT units) priced at $0.6486 apiece, for about $2.8 million. With the completion of the second tranche, Stardust has now completed the offering, consisting of flow-through units, premium flow-through units and non-flow-through units.Each PFT unit consisted of a tax-advantaged share and a two-year warrant to buy a share for $0.70.Proceeds of the PFT units will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" related to the company's projects in Ontario. Proceeds of the offering will be used to fund its drilling and exploration programs on McGarry and Omega and for working capital and general corporate needs.Shares of the company were last seen down $0.02 to $1.15 on the Canadian Securities Exchange.Price: $1.15, Change: $-0.02, Percent Change: -1.71%
