The raised funds will be used for Canadian exploration expenses.
The offering, conditionally approved by the TSX Venture Exchange, resulted in the issuance of 4,348,000 flow-through shares and 2,174,000 warrants. A finder’s fee was paid to 3L Capital, comprising C$35,001.40 in cash and 304,360 non-transferable share purchase warrants, each exercisable at C$0.115 for two years. All securities issued are subject to a four-month hold period.
The funds will support exploration activities at the Angliers-Belleterre project, focusing on the Rapids/McBride and Vaseux prospects. Planned activities include geological mapping, prospecting, sampling, geophysical surveys, and potential exploration drilling. The Rapids/McBride prospect shows signs of Kambalda-style nickel-copper mineralization, while the Vaseux prospect exhibits similarities to the nearby Midrim nickel prospect. “This financing strengthens our ability to advance exploration at Angliers-Belleterre, unlocking the potential of these promising prospects,” said a representative from Alaska Energy Metals.
The raised capital qualifies as flow-through mining expenditures under the Income Tax Act (Canada HIV, and the Income Tax Act (British Columbia), ensuring tax benefits for eligible exploration expenses. This follows a previous financing round in January 2024, when Alaska Energy Metals raised C$1 million through a private placement of flow-through shares for the same project.
The Angliers-Belleterre project aims to enhance understanding of the region’s mineral resources, particularly nickel and copper, which are critical for sustainable energy technologies. By focusing on detailed exploration, Alaska Energy Metals seeks to confirm the commercial viability of these prospects, contributing to economic development in western Quebec. The project aligns with broader efforts to support the transition to cleaner energy through responsible resource development.
This financing round positions Alaska Energy Metals to accelerate its exploration program, leveraging the region’s geological potential to drive future growth. The company’s commitment to systematic exploration underscores its role in advancing Canada’s mineral sector while supporting sustainable economic opportunities in the Témiscamingue region.
