Voyager Metals Inc. (TSXV: VONE) and Cerrado Gold (TSXV: CERT) have closed a non-brokered private placement between the two companies. Voyager intends to use the proceeds to advance its Mont Sorcier feasibility study and for working capital and general corporate purposes.
The private placement is being completed in conjunction with a proposed business combination with Cerrado Gold Inc. Under the terms of the private placement, Voyager has issued 31,024,294 common shares at a price of C$0.1523 each for total proceeds of C$4,724,999.98.
Cerrado subscribed for 24,294,156 common shares for approximately C$3.7M, meaning it will now hold approximately 19.6% of the issued and outstanding common shares.
In connection with the private placement, Voyager has issued 471,110 non-transferable common share purchase warrants to an arm’s-length finder, (being 7% of the common shares sold under the private placement, excluding Cerrado’s subscription). Each finder warrant entitles the holder to acquire one common share at a price of C$0.1523 each for a period of 36 months from now.
Mont Sorcier is a large, long-life project that is rapidly advancing and economically robust in a tier one mining jurisdiction. In September 2022, Voyager completed a PEA for the project, which outlined an after-tax NPV of US$1.6B and IRR of 43% producing 5.0Mtpa of iron concentrates over a mine life of 21 years with annual free cash flow of US$235M. The project is currently advancing towards completion of a bankable feasibility study expected by the end of 2023.
For more information, please visit: www.voyagermetals.com
