Almaden Minerals Ltd. is raising up to C$7 million to explore and develop its feasibility-stage Ixtaca gold-silver property in Puebla, Mexico. Funds will also go toward general corporate purposes.
The company said May 11 that it is undertaking a nonbrokered private placement of up to 7 million units at C$1 apiece. Each unit will include a common share and half of a warrant, with each whole warrant exercisable at C$1.35 per share for four years from closing, subject to an acceleration clause.
Closing is anticipated on or about June 7, subject to approvals.