Perseverance Metals (TSX-V:PMI) has increased its proposed private placement to approximately C$10 million ($10.06 million USD) to support its exploration and drilling activities across North America, the company announced on 18 September 2026. The revised maximum offering of C$10,000,250 represents a 25 percent increase from the C$8,000,005 placement initially announced on 15 September. Common shares are priced at C$0.65 each, which would result in approximately 15.38 million shares being issued if the placement achieves full subscription, according to Mining.com.au.
The company intends to deploy the net proceeds from the financing towards its ongoing diamond drilling campaign at the Voyageur Project located in Michigan's Upper Peninsula, continued exploration activities at the Lac Gayot Project in Québec, and general corporate purposes. Completion of the offering is targeted for early October 2026, subject to standard conditions including approval from the TSX Venture Exchange. The increased offering remains proposed rather than finalized, with the ultimate amount raised dependent on subscription levels and successful closing of the transaction.
All securities issued under the placement will be subject to a statutory hold period of four months and one day under Canadian securities legislation. Additional restrictions may apply in jurisdictions outside Canada. Perseverance may also compensate finder's fees to eligible parties in accordance with applicable securities laws and exchange regulations.
The Voyageur Project covers 680 square kilometers and targets nickel, copper, cobalt, and platinum group elements. The company's inaugural drilling program at the project is currently underway. The Lac Gayot Project encompasses the entire 30-kilometer Venus Greenstone Belt and hosts nickel-copper-cobalt-PGE occurrences alongside spodumene-bearing pegmatites.
Perseverance's portfolio also includes the Armit Lake Project in Ontario, covering the western half of the Savant Lake Greenstone Belt with targets in nickel, copper, and cobalt. Perseverance Metals positions itself as a critical minerals explorer focused on base metals and hard-rock lithium across North America, with activities concentrated in Michigan's Mid-Continent Rift and Québec's James Bay district.
Source: mining.com.au