01:42 PM EDT, 06/26/2024 (MT Newswires) -- Miata Metals (MMET.CN) said Wednesday that it has raised $1.75 million as it closed a private placement of share units.

Miata issued 5.83-million units in the financing, with each priced at $0.30 and made up of a share and one-half of a two-year warrant to buy a second share for $0.50..

The company plans to use the proceeds to fund the closing costs of its proposed acquisition of 79North Inc. (JQ.CN), the initial exploration program in Suriname, exploration on the Cabin Lake Property, and for general working capital and corporate purposes.

Miata shares were last seen unchanged at $0.52 on the Canadian Securities Exchange.

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