Mentioned:
Power Metallic Mines wants to find the next big discovery of copper, nickel, gold and silver. And they’ve just landed one of Canada’s most successful mining investors as a new shareholder.
What’s happening:
- Power Metallic Mines (TSXV: PNPN) has successfully raised $28.3M CAD in a new equity financing round
By the numbers:
- Power Metallic Mines issued roughly 22.6M common shares at a price of $1.25 CAD as part of the new financing round
Why it matters:
- Power Metallic Mines flagship property is the NISK project located in Quebec which is widely considered to be one of Canada’s most promising polymetallic deposits
Going deeper:
- Billionaire mining entrepreneur and financier Eric Sprott was the lead investor in Power Metallic Mines’ new capital raise with a $2M CAD strategic investment
- Power Metallic Mines also notably has an exploration license in Saudi Arabia to advance their Jabul Baudan copper and gold project
The intrigue:
- Eric Sprott has deepening his bet on multiple publicly traded companies in Canada lately, including a $25M CAD investment into MAX Power Mining (CSE: MAXX) and being one of the largest shareholders of Metalsource Mining (CSE: MSM) who is advancing exploration at the historic Silver Hill Project located in North Carolina
