Resouro Strategic Metals Inc. has completed the second closing and final tranche of its non-brokered private placement, issuing 2,560,000 common shares at a price of $0.25 per share to secure additional gross proceeds of $640,000.

Combined with the first tranche that closed earlier in August, Resouro has issued a total of 10,000,000 common shares at $0.25 each, bringing aggregate gross proceeds from the financing to $2,500,000. 

All securities issued under the offering are subject to a statutory hold period of four months plus one day from their respective issuance dates, in accordance with Canadian securities laws and TSX Venture Exchange policies. The shares were issued using the company's available placement capacity under ASX Listing Rule 7.1. No related parties or their associates participated in the offering. The financing remains subject to final approval by the TSX Venture Exchange and the receipt of all necessary regulatory clearances.

Resouro intends to direct the net proceeds from the private placement toward general working capital purposes and advancing the environmental program at its flagship Tiros Titanium and Rare Earth Elements Project. The company stated that this environmental work represents an essential step toward completing a preliminary feasibility study for the asset.

Resouro's flagship Tiros project covers 28 mineral concessions totaling 497 square kilometers in the state of Minas Gerais, located in one of Brazil's most infrastructurally developed regions.

Read the full announcement: Completes Final Tranche of Private Placement