Arras Minerals (ARK.V) announced it has closed its non-brokered private placement and due to strong investor demand, the company raised a total of C$7.2M by issuing 15.9M common shares at C$0.45 per share.
Teck Resources (TECK) was originally anticipated to subscribe for 5.776M shares to obtain a 9.9% stake in Arras Minerals but unfortunately the update press release did not contain any more information on Teck’s participation. The SEDAR filings do show that one BC participant invested C$2.6M and President Klinck confirmed Teck now owns a 9.8% stake which means that on top of the C$2.6M shown in the SEDAR filing, Teck’s top-up was likely thrown in with the ‘other’ participants from the upsized portion of the financing.
Disclosure: The author has a long position in Arras Minerals. Please read our disclaimer.
