Several Canadian mining companies have recently closed capital raises to fund exploration and project development. Arras Minerals (TSX-V:ARK) successfully raised C$16.1 million through a private placement, which was oversubscribed from both new and existing shareholders, including Teck Resources (NYSE:TECK). Teck Resources increased its stake in Arras Minerals to 9.9% as a result of their participation. Arras intends to use the funds to advance its copper and gold exploration projects in Kazakhstan. Star Copper (CSE:STCU) completed a non-brokered private placement, raising C$2.5 million for project evaluation and working capital.
Fathom Nickel (CSE:FNI) upsized its private placement from C$705,000 to C$1.5 million, driven by strong demand. These funds will be directed towards exploration and development of the Gochager Lake Project in Canada. Crescat Capital has committed to a strategic investment, potentially acquiring up to 33% of the offering. Finally, Nine Mile Metals (CSE:NINE), a critical mineral explorer, completed the second tranche of a private placement, raising C$25,575. All current directors participated in this tranche. The aggregate of funds raised will be allocated towards general and administrative obligations, reflecting the ongoing activity in the Canadian mining sector.
