Resouro Strategic Metals Inc. has completed the first closing of its non-brokered private placement, issuing 7.44 million common shares at a price of $0.25 per share to raise aggregate gross proceeds of $1.86 million.

The capital raise, originally planned to reach $2 million, has been upsized to a total target of $2.5 million to accommodate strong investor demand. Resouro expects to complete the remaining issuance and finalize the second and final closing of the offering shortly.

The company intends to direct the net proceeds from this financing toward advancing the environmental program currently underway at the flagship Tiros Titanium and Rare Earth Elements Project. These environmental studies represent a vital regulatory requirement as the company works toward the completion of a Preliminary Feasibility Study for the asset. The Tiros project is situated in Minas Gerais, one of Brazil’s most infrastructurally developed states.

Beyond its work at Tiros, the company maintains the Novo Mundo gold project located in the Mato Grosso state of Brazil, continuing its focus on mineral exploration and development across its dual-country portfolio.

The issuance of shares under this first closing remains subject to a statutory hold period of four months and one day from the date of issuance, consistent with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The full offering remains subject to final approval by the TSX Venture Exchange, along with the receipt of other necessary regulatory permissions.

Read the full announcement: Completes T1 of Upsized Private Placement Raising $2.5m