BeMetals Secures £5.5 Million Private Placement with Lead Order from B2Gold Corp.
BeMetals Corp. (TSXV: BMET, OTCQB: BMTLF, Frankfurt: 1OI.F) has announced a non-brokered private placement offering of up to 70 million units at £0.08 per unit, aiming to raise a total of £5.5 million.
Each unit comprises one common share and one-half share purchase warrant, with each whole warrant enabling the purchase of an additional share at £0.14 within a year of issuance.
B2Gold Corp., a related party, is expected to subscribe for £1.1 million to maintain its approximate 19% shareholding in BeMetals. Company directors and officers will also participate in the offering.
John Wilton, President and CEO of BeMetals, expressed satisfaction with B2Gold’s lead order following promising drill results from the Pangeni Copper Project in Zambia.
The project has revealed extensive copper mineralisation similar to major mines in the Zambian Copperbelt’s Domes Region.
The majority of the funds will support the second phase of drilling at Pangeni, set to begin in August, focusing on extending copper mineralisation at the D-Prospect.
Net proceeds will also be used for general corporate purposes. The offering is subject to TSX Venture Exchange approval, and all securities issued will be under a four-month hold period according to Canadian laws. Finders’ fees may apply to certain subscriptions.
Additionally, the Zambian Ministry of Mines and Minerals Development has granted a two-year extension of the exploration license for the Pangeni Project, with potential for further extension upon initiating feasibility-type work.
