09:05 AM EDT, 07/14/2025 (MT Newswires) -- Mogotes Metals ( MOGMF ) on Monday said it closed the third and final tranche of its non-brokered private placement through the issuance of 1.2 million units at $0.20 each for gross proceeds of $240,000.

Mogotes raised about $22.2 million in the three tranches. The company said that this includes the proceeds from the units issued pursuant to the second tranche to an associated entity of the Braun family, which will be held in escrow pending the approval of the TSX Venture Exchange.

Each unit is made up of one common share and one-half of one common share purchase warrant. Each warrant shall allow the holder to buy one common share at $0.40 for a period of two years from the closing of the offering.

The proceeds from the sale of the units will be used for funding the company's exploration work programs and development of its Filo Sur property, and general working capital purposes.