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Metanor looking to raise C$5M to fund exploration

Metanor Resources Inc. struck a deal with Sprott Capital Partners, a lead agent acting on behalf of a syndicate of agents including Red Klondike Strike Inc., to raise about C$5.0 million via a private placement.

The company will issue up to 4,425,000 flow-through shares at C$1.13 apiece, according to a June 8 release.

The proceeds will be used to fund exploration of the company's properties as qualifying Canadian exploration expenses.

The financing is expected to close by June 29.