Arras Minerals (ARK.V) has closed its previously announced financing, raising a total of C$16.1M in a financing priced at C$0.85 per share. As this was a no-warrant straight-share financing, about 18.94 million new shares were issued, with Teck participating and increasing its ownership to 9.9%.
As the company recently also accelerated the expiry of its warrants which brought in an additional C$4M, the balance sheet currently contains almost C$20M in cash.
Disclosure: The author has a small long position in Arras Minerals. Please read the disclaimer.
