On March 27, 2023, Power Metals Corp. closed a brokered private placement of 11,325,000 common shares that qualify as “flow-through shares” at a price of $0.57 per flow-through share for aggregate gross proceeds of approximately $6.5 million.
The gross proceeds of the offering will be used by Power Metals to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” as defined in the Income Tax Act (Canada), and for Ontario resident purchasers, as “eligible Ontario exploration expenditures” under the Taxation Act, 2007 (Ontario).
Canaccord Genuity Corp. acted as agent.
Cassels acted for Canaccord.