12:43 PM EDT, 06/20/2025 (MT Newswires) -- CUPANI Metals ( CUPIF ) on Friday said it closed the first tranche Friday of a non-brokered private placement of share units, raising $2.89 million.

The company placed 9.18-million flow-through units at $0.175 per unit; 5.19-million charity flow-through units at $0.245 per unit; and 85,875 non flow-through units at $0.16 per unit.

Proceeds will be used on the company's Blue Lake/Retty Lake exploration project, and for working capital according to CUPANI. Proceeds from the the Charity FT Units and FT Units will be used by for "Canadian exploration expenses" that are "flow-through critical mineral mining expenditures."

"We are very excited about the level of interest shown with respect to the closing of this first tranche of offering and expect to close a second tranche on or about June 26 to raise up to the maximum of an aggregate of $4 million," said chief executive Brian Bosse.

CUPANI shares were last seen down $0.01 to $0.16 a share on the Canadian Securities Exchange.

Price: 0.16, Change: -0.01, Percent Change: -3.13