01:00 PM EST, 03/05/2024 (MT Newswires) -- Cosa Resources Corp. ( COSAF ) said Tuesday that it has raised gross proceeds of about C$6.5 million by completing its brokered private placement.

The company's shares fell 1.1% on last look on Tuesday.

The company issued about 2.1 million units at C$0.47 per hard dollar unit and about 7.7 million charity flow-through units of the company at C$0.714 per charity FT unit.

Each hard dollar unit consists of one common share and one-half of one common share purchase warrant. Each warrant allows the holder to buy one share at an exercise price of C$0.67 until March 5, 2026.

The company will use the gross proceeds from the sale of the Charity FT units to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures," and to incur "eligible flow-through mining expenditures" related to the company's uranium projects in the Athabasca Basin, Saskatchewan, by Dec. 31, 2025.

The company plans to use the net proceeds from the sale of the hard dollar units to fund exploration and for additional working capital purposes.