08:19 AM EST, 01/09/2025 (MT Newswires) -- Mason Resources ( MGPHF ) on Thursday announced a fully subscribed $1.4 million non-brokered private placement and said Board Chairman Fahad Al Tamimi will participate in the offering, pushing his stake to 19% from 14%.

Proceeds will be used for general corporate and working capital purposes.

The offering will consist of a minimum of 28 million units at $0.05 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant will entitle the holder to buy one additional common share at $0.075 for a three-year period from the closing date, which is on or about Jan. 13.

"This financing brings in additional high-quality, long-term investors, further strengthening the Company's robust institutional shareholder base," said Al-Tamimi. "With Mason's current strategic investments, we believe the Company is well-positioned to support a re-rating of its share price. I am incredibly excited about Mason's portfolio, particularly its investments in Nouveau Monde Graphite and Black Swan Graphene, both of which are at the forefront of their respective industries and poised for significant growth," he continued.

Mason said the common shares to be issued under the offering, including those underlying the warrants, will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering. The company expects insiders will subscribe to a quarter of the offering.

Shares of the company closed flat at $0.070 on Wednesday on the TSX Venture Exchange.