Resouro Strategic Metals Inc. has completed the first closing of an upsized non-brokered private placement, issuing 7,440,000 common shares at $0.25 per share to raise aggregate gross proceeds of $1,860,000.

Driven by strong investor demand, Resouro expanded the total offering from its previously announced target of 8,000,000 common shares and $2,000,000 in gross proceeds up to 10,000,000 shares and $2,500,000 in aggregate funding. All common shares under the placement remain priced at $0.25.

The company intends to direct the net proceeds from the financing toward advancing the environmental program at its flagship Tiros project in Minas Gerais, Brazil, which represents an essential step toward completing a preliminary feasibility study for the asset. Remaining funds will support general working capital purposes.

Resouro expects to complete the remaining issuance through a second and final closing shortly, with details to be announced in a subsequent release. In connection with the first tranche, the company paid a cash finder’s fee of $4,500.

The offering is being conducted using the company’s placement capacity pursuant to ASX Listing Rule 7.1, with no related parties or their associates participating in the financing.

The placement remains subject to final regulatory approvals, including the formal acceptance of the TSX Venture Exchange. All securities issued under the placement carry a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and exchange policies. The offering has not been registered under the United States Securities Act of 1933 and will not be offered or sold within the United States without registration or an applicable exemption.

Alongside its flagship Tiros titanium and rare earth elements project, Resouro holds the Novo Mundo gold project located in the Mato Grosso state of Brazil, maintaining its focus on mineral exploration and development across its Brazilian portfolio.

Read the full announcement: Resouro Completes First Tranche of Upsized Private Placement Raising up to $2.5 Million