Source: GEOPHOTOSCAPES
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  • Major Precious Metals (SIZE) has closed a non-brokered private placement for gross proceeds of $1,500,000.25
  • Net proceeds will support a large diamond drilling campaign on the company’s Skaergaard Project, expected to begin within the next few weeks
  • Finder’s fees of $8,085 cash and 23,100 warrants have been paid to qualified parties
  • Major Precious Metals is a Canadian junior mining company
  • Major Precious Metals (SIZE) opened trading at C$0.36 per share

Major Precious Metals (SIZE) has closed a non-brokered private placement of 4,285,715 units for gross proceeds of $1,500,000.25.

Each unit consists of one common share and one-half of one transferable purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for $0.70 for a period of two years from closing. The company may accelerate the expiry date of the warrants by giving notice to the holders.

Net proceeds from the placement will support a large diamond drilling campaign already underway on the company’s Skaergaard Project in eastern Greenland. The drilling program is expected to begin within the next few weeks, and mobilization is well underway with personnel already stationed in Greenland. Drilling crew, equipment and logistical support is in place and a large commercial support vessel will soon be on station to provide housing and a base for helicopter transport services.

Finder’s fees of $8,085 cash and 23,100 warrants have been paid to qualified parties. 

One director of the company participated in the private placement and will acquire 300,000 units. 

All securities issued are subject to a four-month hold period.

Major Precious Metals is a Canadian junior mining company. The company’s flagship project is the Skaergaard Project in Greenland containing one of the largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The company is focused on accelerating the progress of the Skaergaard Project along the Mine Development Cycle and has recently initiated a further major work program of drilling and economic evaluation.

Major Precious Metals (SIZE) opened trading at C$0.36 per share.

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