Selkirk Copper closes $35 million private placement for Minto project

Selkirk Copper Mines Inc. (TSXV: SCMI) completed a private placement raising C$35 million through the sale of common shares and flow-through shares, according to a company statement.

The offering consisted of 23,914,000 common shares priced at C$1.15 each, generating C$27.5 million, and 4,412,000 flow-through shares at C$1.70 per share for C$7.5 million. The underwriting syndicate was led by Canaccord Genuity Corp. and included Haywood Securities Inc., Raymond James Ltd. and Stifel Nicolaus Canada Inc.

Proceeds from the common shares will fund development and restart activities for the company's Minto Project, along with working capital and general corporate purposes. The flow-through share proceeds must be used for Canadian exploration expenses qualifying as critical mineral mining expenditures by December 31, 2027.

The underwriters received a 6% cash commission on gross proceeds, reduced to 2% for subscribers on the company's president's list. The shares are subject to a four-month hold period under Canadian securities laws.

Company insiders purchased 1,838,500 common shares as part of the offering, constituting a related party transaction under TSX Venture Exchange policies.

Selkirk Copper controls the former Minto copper-gold-silver mine in Yukon, which includes processing facilities and infrastructure. The Selkirk First Nation holds a controlling equity stake in the company through a subsidiary. The company expects to complete a Preliminary Economic Assessment by mid-year and targets a restart decision by mid-2027.

The company trades on the TSX Venture Exchange, Frankfurt Exchange under FSE: IO20, and OTCQB under OTCQB: SKRKF.

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