01:54 PM EST, 11/07/2025 (MT Newswires) -- Palamina ( PLMNF ) on Friday said it closed a first tranche of a private placement offering of share units that raised $1.6 million.

The company said it placed 13.08-million units in the tranche priced at $0.125 each and made up of a share and a two-year warrant to buy a share for $0.20.

Proceeds will be directed towards advancing its Galena silver copper manganese project and Usicayos gold project and general corporate and working capital needs.

Palamina ( PLMNF ) directors and officers Andrew Thomson and Michael Farrant bought a total of 3.8-million units pursuant to the offering which constitutes a "related party transaction."

Shares of the company were last seen up $0.005 to $0.13 on the TSX Venture Exchange.

Price: 0.13, Change: +0.01, Percent Change: +4.00