04:38 PM EDT, 03/22/2024 (MT Newswires) -- Turmalina Metals ( TBXXF ) on Friday said it closed a private placement of share units that raised C$2.1 million.

The company said it placed 21-million units in the financing, with each priced at C$0.10 and made up of a share and a two-year warrant to buy a second share for C$0,15.

"The net proceeds of the offering will be used to satisfy ongoing costs associated with the company's properties as well as general working capital purposes," it said.

Turmalina shares closed up C$0.005 to C$0.12 on the TSX Venture Exchange.