- CoTec Holdings (OTCQB: CTHCF) raises a total of $2,642,235.26 in its second financing closing.
- Total funds raised through offerings reach $7,852,202.99 as of this date.
- Proceeds will fund HyProMag USA and Lac Jeannine property drilling, among other corporate purposes.
CoTec Holdings Corp. (OTCQB: CTHCF) has successfully completed the second closing of its previously announced financing, involving a LIFE Offering and a Private Placement. The company issued 2,306,753 units at $0.78 per unit under the LIFE Offering and 1,080,723 units under the Private Placement, raising a total of $2,642,235.26 in gross proceeds for this tranche.
To date, CoTec has accumulated total aggregate proceeds of $7,852,202.99 through both the LIFE Offering and Private Placement. Each unit issued includes one common share and one warrant, which is exercisable at $1.20 for a period of 18 months following issuance. The company plans to utilize the proceeds primarily for design and engineering activities at HyProMag USA, its Lac Jeannine drilling program, and for general corporate purposes.
The final closing for the offerings is anticipated around July 9, 2025, allowing additional time for processing outstanding subscription agreements. As part of the second closing, CoTec also allocated cash fees and compensation warrants to several agents and finders, adhering to applicable securities legislation in Canada.
