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Almaden raises C$9.4M in oversubscribed private placement

Almaden Minerals Ltd. said June 7 that it raised C$9.4 million from an oversubscribed non-brokered private placement.

The company had aimed to raise up to C$7 million to explore and develop its feasibility-stage Ixtaca gold-silver property in Puebla, Mexico. The proceeds will also go toward general corporate purposes.

The company issued 9,440,000 units at C$1 apiece. Each unit consisted of 1 share and 0.5 of a share purchase warrant, with each whole warrant exercisable at C$1.35 to acquire an additional share until June 7, 2022, subject to an acceleration clause.