Arras Minerals (ARK.V) closed a C$5.2M financing, issuing 20.3 million units of the company at a price of C$0.26 per unit. The terms of the financing didn’t change: each unit consists of one common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share of Arras Minerals for C$0.40 during a three year period. The acceleration clause allows Arras to accelerate the expiration of the warrants if the weighted average price on the exchange exceeds C$0.60 for fifteen consecutive days.
The financing was initially announced as a C$2M financing, and it is encouraging to see the strong demand for this financing. The company’s summer program is currently underway on its 3,300 square kilometer land package.
Disclosure: The author has a long position in Arras Minerals and participated in the financing. Please read the disclaimer.
