GeoMega Resources (CVE:GMA) said Friday it closed the $5 million private placement financing announced in late June, which was completed by a syndicate of brokers led by Mackie Research Capital Corp.
The offering consisted of 2.13 million units at $2.35 each. Each unit consists of one common share of GeoMega and one common share purchase warrant, which may be exercised for $2.85 until July 8, 2013.
The company must also pay a fee to the syndicate, and issue compensation options.
Based in Saint-Lambert, Quebec, GeoMega said it will use the cash to finance the phase two drill program on its Montviel rare earth elements (REE) project in Quebec. The company will also use the proceeds to fund resource calculations, metallurgical tests and preliminary economic assessments of the property.
GeoMega also has several other properties in the Abitibi and Upper Laurentian regions of Quebec.
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