Gamma Resources Ltd. has increased the gross proceeds target of its non-brokered private placement to $1,750,000 and closed the first tranche at $872,500.

The financing comprises up to 21,875,000 units priced at $0.08 per unit. Each unit consists of one common share and one non-transferable purchase warrant. Every warrant entitles the holder to acquire an additional common share at an exercise price of $0.12 for a period of 36 months following the closing date. Completion of both the first tranche and the subsequent tranches remains subject to the acceptance of the TSX Venture Exchange.

In connection with the closing of the first tranche, the company issued 10,906,250 units and incurred finders' fees of $8,225 in cash alongside 102,813 finders' warrants. The finders' warrants are non-transferable, carry an exercise price of $0.08, and are exercisable for 24 months from the close of the offering. Company directors are expected to participate in the second tranche, which Gamma anticipates closing shortly. All securities issued under the placement are subject to a statutory hold period of four months and one day from the closing date.

Gamma intends to direct the net proceeds toward continuing exploration at its Green River project in Utah and its Mesa Arc project in New Mexico, alongside general working capital and corporate purposes. The company holds the 1,100-acre Green River property in Utah and the 4,520-acre Mesa Arc property in New Mexico, which encompasses historic uranium resources in the Chama Basin.

Activity across the wider region continues to see active exploration, highlighted when Anson Resources Limited reported an air core drilling intercept of 774 ppm uranium from hole YAC14 at its Yellow Cat project within the surrounding district.

Read the full announcement: Gamma Resources Announces Increase in Private Placement to $1,750,000 and Closing of First Tranche at $872,500