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.