- Tectonic Metals (TETOF, Financial) raised C$12.7 million through an oversubscribed private placement, exceeding the original target by 80%.
- The funds will finance the 2025 Phase I Drill Program at the Flat Gold Project in Alaska.
- A 10-for-1 share consolidation reduced outstanding shares from 419.8 million to approximately 42 million.
Tectonic Metals Inc. (TETOF) has successfully closed an oversubscribed non-brokered private placement, raising C$12.7 million, significantly surpassing its initial C$7 million target by over 80%. The financing was supported by Crescat Capital, which invested C$3.5 million. The raised funds are earmarked for the 2025 Phase I Drill Program at the Flat Gold Project in Alaska, aimed at following up on the 2024 Alpha Bowl discovery. This project is strategically located 40 kilometers from Novagold's Donlin Gold Project and targets the bedrock source of over 650,000 ounces of historic placer gold.
In conjunction with this financing, Tectonic Metals completed a 10-for-1 share consolidation, effectively reducing the number of outstanding shares from 419.8 million to approximately 42 million. As part of the financing package, 25.4 million units were issued at C$0.50 each, with each unit comprising one common share and one warrant, the latter exercisable at C$0.75 until May 2027.
The infusion of capital and the share consolidation are strategic moves aimed at enhancing the financial structure of Tectonic Metals and ensuring adequate funding for upcoming exploration initiatives, potentially leading to significant gold discoveries in Alaska.
