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Metalsource Mining has closed the first tranche of its non-brokered private placement, raising $750,000 with Eric Sprott as the lead investor contributing $500,000 for 2,500,000 units. Each unit, priced at $0.20, includes one common share and half a warrant exercisable at $0.30 for 24 months. Following the placement, Sprott owns 7.3% of outstanding shares (non-diluted) and 10.6% on a partially-diluted basis. The proceeds will fund working capital and exploration at the Aruba Project in Botswana, which targets manganese deposits in the Transvaal Super Group's Kayne Basin.
Metalsource Mining has announced a non-brokered private placement of up to 7.5 million units at $0.20 per unit, aiming to raise $1.5 million. Notable investor Eric Sprott will lead with a $500,000 investment. Each unit includes one common share and half a warrant, with whole warrants exercisable at $0.30 for two years. The proceeds will fund working capital and exploration at the Aruba Project in Botswana, which covers 4,663 km² of the Molopo Farms Complex. The project targets Ni-Cu, Mn, and PGE mineralization through a two-phase exploration program including airborne surveys and drill testing.
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