Irruptive Metals Corp. has closed its previously announced brokered private placement, raising aggregate gross proceeds of C$60 million to accelerate exploration work at the Pimentón copper-gold project in Chile.

The financing delivered 48 million units priced at C$1.25 per unit, including the full exercise of an option granted to underwriters led by Canaccord Genuity Corp. Each unit consists of one common share and one-half of a common share purchase warrant. Whole warrants allow holders to acquire an additional common share at C$1.65 for 24 months following the closing date.

Net proceeds from the offering will be directed toward advancing the Pimentón asset toward resource definition, alongside general corporate purposes and working capital requirements. Exploration at the project is conducted in partnership with joint venture partner Minera Tamidak Limitada.

Insiders subscribed for an aggregate of 6,071,995 units for gross proceeds of approximately C$7.59 million, constituting a related-party transaction that was exempted from formal valuation and minority shareholder approval requirements under applicable securities rules. All securities issued under the offering carry a four-month and one-day hold period in Canada expiring on January 11, 2027. The offering remains subject to final acceptance by the TSX Venture Exchange.

“The closing of this $60 million financing represents a significant vote of confidence in Irruptive Metals and the substantial copper-gold potential of our Pimentón Project,” said Alfredo Bazo, President and CEO of Irruptive Metals . “With our recent drill results demonstrating geological continuity and strong mineralization at the Central target, we are now well-funded to accelerate our exploration program. These proceeds will enable us to advance Pimentón toward resource definition and unlock the full value of this high-quality asset in one of the world's most prolific porphyry copper-gold belts. We are thrilled to have the funding and investor confidence to execute on our exploration strategy!”

— Alfredo Bazo, President, Chief Executive Officer and Director

Final regulatory acceptance from the TSX Venture Exchange remains pending for the offering.

Read the full announcement: Irruptive Metals Announces Closing of C$60 Million "Bought Deal" Private Placement