07:07 AM EDT, 09/06/2024 (MT Newswires) -- Alaska Energy Metals ( AKEMF ) late on Thursday said it closed non-brokered offerings of special warrants and units, raising an additional $5 million that brought total proceeds from recent offerings to $8.7 million.

The special warrants offering raised $4.5 million and the private placement of units raised $480,000, the company said. Another $3.7 million had been raised in offerings in July.

Net proceeds from the offerings will be used for Canwell prospect drilling and Eureka deposit drilling at the Nikolai nickel project in Alaska, metallurgical studies on drill cores from the Eureka deposit, working capital, and for marketing purposes. The company is now adequately funded for the drilling program at the Nikolai project, which commenced in July.

In the most recent offering, Alaska Energy Metals ( AKEMF ) issued around 30.1 million special warrants at $0.15 per special warrant. Each special warrant will convert into one unit consisting of one common share and one common share purchase warrant.

In the private placement, the company issued around 3.2 million units, also consisting of one common share and one common share purchase warrant that allows the holder to acquire one share at $0.20 for a three-year period.