02:45 PM EST, 02/04/2026 (MT Newswires) -- Fredonia Mining ( FREDF ) was up more than 5% at last look on Wednesday after closing its "best efforts" private placement, pursuant to which it issued an aggregate of 17.5 million units of the company at a price of C$0.40 each for total gross proceeds of C$7 million.

A statement noted that each unit consists of one common share of the company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the company at a price of C$0.56 for the period that is 36 months following Feb. 4, 2026.

Directors and executive officers subscribed for a total of 1.25 million units for aggregate gross proceeds of C$500,000, said the company.

The company plans to use the net proceeds for the exploration and advancement of its El Dorado Monserrat Project in Santa Cruz province, Argentina, and for general corporate and working capital purposes. The offering remains subject to final approval of the TSX Venture Exchange.

The company's shares were last seen up $0.02 at $0.40 on the TSX Venture Exchange

Price: 0.40, Change: +0.02, Percent Change: +5.26