Cosa Resources closes C$7.5 million private placement

Cosa Resources Corp. (TSXV: COSA) completed a brokered private placement for gross proceeds of C$7.5 million, the company announced. The offering was led by Haywood Securities Inc. with participation from Velocity Capital Partners and CIBC Capital Markets.

The placement consisted of 11.5 million hard dollar units at C$0.26 each, 7.5 million charity flow-through units at C$0.398 each, and 5 million flow-through shares at C$0.30 each. Each unit includes one common share and half a warrant, with warrants exercisable at C$0.37 until December 2027.

Denison Mines Corp. (TSX: DML) (NYSE American: DNN), Cosa's largest shareholder, participated in the offering under its investor rights agreement. Following the placement, Denison owns 18.59% of Cosa on a partially-diluted basis.

The uranium exploration company will use proceeds from hard dollar units for exploration and working capital. Flow-through proceeds will fund Canadian exploration expenses for uranium projects in Saskatchewan's Athabasca Basin by December 31, 2026.

Company insiders, including directors and officers from both Cosa and Denison, subscribed for 2.6 million units and 616,669 flow-through shares totaling C$863,000. The securities carry a hold period until April 5, 2026.

Cosa operates approximately 237,000 hectares across multiple uranium exploration projects in the Athabasca Basin region. The company plans drilling programs at its Darby and Murphy Lake North projects in 2026, both operated as 70/30 joint ventures with Denison.

You May Also Be Interested In

• Correction: Kepler Cheuvreux Upgrades Siemens AG (SIE:GR) (SIEGY) to Hold
• ​Trump said he was unaware of his earnings from crypto
• Berenberg Starts Brooks Macdonald Group PLC (BRK:LN) at Buy