Neotech Metals closes $1.47 million private placement financing

Neotech Metals Corp. (CSE: NTMC) (OTCQB: NTMFF) (FSE: V690) completed a non-brokered private placement financing that raised gross proceeds of $1,472,338, according to a company statement.

The offering consisted of 660,810 non-flow through units priced at $0.17 each, generating $112,338, and 5,440,000 flow-through units at $0.25 per unit, raising $1,360,000. Each unit includes one common share and one warrant allowing the purchase of an additional share at $0.35 within two years.

The company will use proceeds from flow-through unit sales for qualified expenditures on mineral properties, while funds from regular unit sales will support general working capital needs. No finder's fees were paid in connection with the offering.

All securities issued carry a four-month and one-day hold period from the closing date. The warrants include an acceleration clause that reduces their expiry to 30 days if the company's share price exceeds $0.50 for 20 consecutive trading days on the CSE.

Neotech also reported receiving $533,885 in gross proceeds from warrant exercises during August.

The mineral exploration company maintains projects focused on rare-earth elements and rare metals, including the Hecla-Kilmer project located 20 kilometers from Ontario's Otter Rapids hydroelectric station, along with the TREO and Foothills projects in British Columbia.

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