1844 Resources closes private placement raising C$947,650

Saskatoon, Saskatchewan - 1844 Resources Inc. (TSXV:EFF) announced on Friday the successful completion of its second and final private placement, raising an additional C$325,550. The company issued a total of 18,220,000 flow-through units and 10,331,666 hard dollar units across both tranches, generating gross proceeds of C$637,700 and C$309,950 respectively.

Flow-through units consist of one common share and one-half of a share purchase warrant, while hard dollar units comprise one common share and one-half of a warrant. Proceeds from flow-through units will fund a planned 3,000-meter diamond drilling program at the company's Sullipek East copper project in the Gaspé Peninsula of Québec.

Meanwhile, net proceeds from hard dollar units will be allocated to general working capital, exploration activities, finder's fees, offering expenses, and investor relations and marketing activities.