Visionary Metals Corp. has closed its upsized financing, issuing 31,019,508 units at $0.24 per unit for gross proceeds of $7,444,682.08, including a $1,200,000 investment by Teck Resources Limited. The financing consisted of a non-brokered private placement under the listed issuer financing exemption and a concurrent non-brokered private placement. Each unit comprises one post-consolidation common share and one-half of one common share purchase warrant, with each whole warrant exercisable at $0.36 for 36 months. The company intends to use a minimum of $2.4 million of the net proceeds, together with Teck's direct funding, for diamond drilling at its Tin Cup and King Solomon nickel-copper projects, approximately $1.33 million to repurchase shares from a shareholder's estate, and the remainder for advancing the Slipstream copper-gold-silver porphyry projects and general working capital. Following the consolidation and offering, Teck will beneficially own approximately 12.5% of the issued and outstanding shares on a non-diluted basis.
Teck Resources Ltd Class BTeck invested $1.2M in Visionary Metals, gaining 12.5% stake, indicating strategic interest in nickel-copper projects.
Visionary closed upsized $7.445M financing, including Teck investment, to fund drilling and projects.