1844 Resources Inc. has closed the second and final tranche of its non-brokered private placement, raising $325,550 in gross proceeds and bringing total funds raised across the offering to $947,650.

The final tranche consisted of 6,500,000 hard dollar units priced at $0.03 per unit for $195,000 and 3,730,000 flow-through units at $0.035 per unit for $130,550. Across both closings, the company issued an aggregate of 10,331,666 hard dollar units and 18,220,000 flow-through units. Each unit comprises one common share and one-half of a share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share at an exercise price of $0.05 for 24 months, subject to TSX Venture Exchange policies.

Gross proceeds from the flow-through units will fund eligible Canadian exploration expenses, specifically a planned 3,000-metre diamond drilling program at the Sullipek East copper project, part of the flagship SV2 Project in Québec's Gaspé Peninsula. Proceeds from the hard dollar units will support general working capital, exploration activities, finder's fees, and investor relations. In connection with the second closing, 1844 Resources paid cash finder's fees of approximately $2,205 and issued 42,000 broker warrants, each exercisable for an additional share at $0.05 for 24 months. All securities issued are subject to a four-month and one-day statutory hold period.

The 130-claim SV2 Project covers approximately 68 square kilometres, featuring the Sullipek and Sullipek East deposits alongside the Vallièrs portion, which is held under a 50/50 joint venture with Glencore Canada Corporation. Regional activity in the Gaspé copper belt includes ongoing drilling by Osisko Metals Incorporated at the nearby Gaspé Copper Project, where recent drilling returned 256.5 metres averaging 0.85% copper and 5.13 g/t silver.

Read the full announcement: 1844 Resources Announces Second and Final Closing of Private Placement for Aggregate Gross Proceeds of $947,650