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Almaden Minerals raising up to C$7M to explore, develop Ixtaca

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.