Element 29 Resources (ECU.V) has closed its previously announced C$12M placement with net proceeds of approximately C$11.5M. This no-warrant placement was conducted at C$1.65 per share, and 7.27M new shares were issued as part of the capital raise. Alpayana maintained its 9.9% stake in the company while Randy Smallwood increased his stake in the company as well.
The proceeds from this financing will push the company’s total cash balance towards C$40M.
Disclosure: The author has a long position in Element 29 Resources. Element 29 is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
