Libra Energy Materials Inc. has initiated a non-brokered private placement aiming for aggregate gross proceeds of $700,000, with an option to expand the financing up to $1.3 million.

The offering comprises two distinct share types. The company is issuing 5,000,000 hard dollar common shares at a price of $0.10 each to raise $500,000 for additional property exploration and general working capital. In parallel, Libra is offering 1,538,462 critical flow-through shares at $0.13 each to raise $200,000.

Gross proceeds raised from the flow-through shares will fund eligible Canadian exploration expenses across the company's Canadian portfolio. In Ontario, qualifying expenditures will support the Toivo, Stimson, Flanders South, Flanders North, and SBC projects. In Quebec, the funds will target the Cisco West and Obamska lithium projects.

The flow-through shares qualify for the federal Critical Mineral Exploration Tax Credit, alongside provincial tax credits for eligible purchasers in Ontario and Quebec. Libra must incur these qualifying exploration expenditures on or before December 31, 2027, and renounce them to initial subscribers with an effective date no later than December 31, 2026.

The financing is expected to close on or about September 14, 2026, in one or more tranches. Completion remains subject to customary conditions, including the receipt of necessary regulatory approvals from the Canadian Securities Exchange. The company may pay cash finder's fees to arm's length parties, subject to exchange approval.

Under the listed issuer financing exemption, shares issued to Canadian resident subscribers will not be subject to a statutory hold period, though insider participation will remain subject to exchange hold policies. Insider participation in the financing will constitute a related party transaction, though Libra intends to rely on exemptions from formal valuation and minority shareholder approval requirements based on capitalization thresholds.

Libra explores its Flanders North, Flanders South, and SBC lithium projects under a six-year, CAD $33 million earn-in agreement with KoBold Metals Company. Under that partnership, KoBold Exploration Canada Inc. can fund exploration to earn up to a 75% interest in the projects, with an initial milestone requiring a cumulative CAD $11 million investment by November 13, 2027, to secure a 51% interest. The portfolio also benefits from non-dilutive grant funding awarded earlier in the year by the Ontario Ministry of Mines through the Ontario Junior Exploration Program to offset grassroots exploration costs.

Read the full announcement: Libra Announces Private Placement