04:27 PM EDT, 03/15/2024 (MT Newswires) -- Tsodilo Resources ( TSDRF ) on Friday said it is raising C$124,332 from a negotiated private placement of share units.

The company said it is placing 621,660 units in the financing, with each priced at C$0.20 and made up of a share and a two-year warrant to buy a second share for US$0.20.

"Proceeds from the Private Placement will be used for the advancement of the Xaudum Iron Formation project in Botswana and for general corporate purposes and working capital," the company said.

Tsodilo shares last traded March 12, closing at C$0.27 on the TSX Venture Exchange.