Tectonic upsizes private placement to $3.1 million CanadiansInvest stocks energy tech biotech industry
-TSXV] said it has upsized a previously announced non-brokered private placement, which is now expected to raise $3.1 million, up from the earlier $2 million target.
The company said the private placement will now consist of up to 38.7 million units priced at $0.08 per unit. Each unit consists of one Tectonic common share and one common share purchase warrant. Each whole warrant can be exchanged for a common share at an exercise price of 12 cents and will expire two years before the closing date of the private placement.
On November 15, 2022, the shares rose 7.4% to 14.5 cents on volume of 349,650, and currently trade in a 52-week range of 14.5 cents and $0.04. Net proceeds will be used to advance the company’s Flat Gold Project, which the company describes as an intrusion-hosted, bulk tonnage gold system located in southwestern Alaska, and 40 kilometres north of the Donlin Gold Project, owned equally by Barrick Gold Corp. [
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