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  • Rackla Metals (RAK) announced a non-brokered private placement for proceeds of up to $2.0 million
  • The company will issue up to 10 million units at $0.20 per unit
  • Net proceeds from the placement will be used for conducting exploration and drilling on the company’s Tombstone Gold Belt properties
  • Crescat Capital is acquiring a minimum of $1.0 million of the total financing
  • Rackla Metals is a Canada-based mineral exploration company
  • Rackla Metals Inc. (RAK) is down 4 per cent on the day, trading at C$0.24 per share at 3 pm ET

Rackla Metals (RAK) announced a non-brokered private placement for proceeds of up to $2.0 million.

The company will issue up to 10 million units at $0.20 per unit. Each unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at $0.35 for two years from the closing date of the financing.

Net proceeds from the placement will be used for conducting exploration and drilling on the company’s Tombstone Gold Belt properties in the coming year and for general working capital.

Crescat Capital will be the lead order on the financing, taking a minimum of $1.0 million of the total financing.

Quinton Hennigh, Geologic and Technical Director of Crescat Capital, commented on the investment in Rackla.

“We at Crescat relish our position of funding early-stage, high-calibre, high-potential exploration stories. With Snowline Gold’s recent discovery of the Valley reduced intrusion-hosted gold deposit in the Yukon, the Tombstone Gold Belt continues to deliver new, very large gold deposits. Rackla Metals has assembled an attractive portfolio of similar reduced-intrusion-related gold systems along the Tombstone Gold Belt in Yukon and western Northwest Territories. Early BLEG, soil and rock sampling highlight multiple robust gold anomalies closely associated with granite intrusions, some of which appear nearly drill-ready. We are delighted to join Rackla and its experienced exploration team at this early stage and look forward to seeing them quickly advance multiple targets to first pass drilling in 2023.”

Rackla Metals is a Canada-based mineral exploration company engaged in the exploration of mineral properties in Canada. It has an interest in the Rivier Property located in the Yukon Territory.

Rackla Metals Inc. (RAK) is down 4 per cent on the day, trading at C$0.24 per share at 3 pm ET.


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