on Tectonic Metals Inc. (CVE:TECT)
Tectonic Metals Announces $13.5 Million Financing for Alaskan Drilling Expansion
Tectonic Metals Inc., a Vancouver-based gold exploration company, has announced a financing plan to raise up to C$13.5 million. The funds will support the expansion of its drilling campaign at the Flat Gold Project in Alaska. The offering consists of 14,210,526 common shares priced at C$0.95 each, combining both brokered and non-brokered offerings.
The financing effort will be led by 3L Capital, and includes a 20% over-allotment option. Crescat Capital LLC, Tectonic's largest shareholder with a 20.98% stake, will invest an additional $2 million. The offering will close around August 20, 2025, subject to regulatory approvals.
Proceeds will be used for Phase Two drilling and corporate needs. The Flat Gold Project aims to unlock substantial mineral resources, bolstering Tectonic's strategic initiatives in the region.
R. P.
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