Neotech Metals metallurgical testing at Hecla-Kilmer, Ontario
Neotech Metals Corp. [CSE-NTMC; OTCQB: NTMFF], in partnership with SGS Laboratories, reports metallurgical testing has commenced on its flagship 100%-optioned Hecla-Kilmer (H/K) property, northern Ontario. The testing aims to assess the economics of an expanded drill campaign that integrates the apatite-hosted rare earth mineralization, niobium-related mineralization and overall phosphate recoveries to help advance the project.
This first-phase trial will focus on evaluating the project’s metallurgical response to a variety of flowsheets, including gravity, flotation and magnetic separation methods. The analysis will consider potential recoveries, liberation, beneficiation components and other variables, progressing the project to its next milestone.
The company has filed a new non-brokered private placement LIFE financing. This replaces the LIFE offering initially announced on June 24, 2024, and amended on Aug. 13, 2024. The total proceeds include a minimum of $1.35-million and up to a maximum of $2.5 million, consisting of a minimum of nine million units of the company and up to a maximum of 16,666,667 units at a price of 15 cents per unit. Each unit will comprise one common share in the authorized share structure of the company and one common share purchase warrant of the company. Each warrant entitles the holder to purchase one additional common share of the company at a price of 25 cents per warrant share for 36 months from date of issuance.
The warrants will be subject to an acceleration provision whereby, if for any 10 consecutive trading days the closing price of the company’s common shares exceeds 50 cents per share on the Canadian Securities Exchange, the company may announce by way of news release that the expiry date of the warrants will be accelerated to 30 days thereafter.
The company may compensate certain finders with a cash commission of up to 7% of the aggregate gross proceeds raised from the offering and issue finder’s warrants equivalent to 7% of the total units subscribed under the offering.
Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106 (Prospectus Exemptions), the units issuable under the offering will be offered for sale to purchasers resident in all provinces of Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106. Pursuant to NI 45-106, the securities issued to Canadian resident subscribers under the offering will not be subject to resale restrictions.
Reagan Glazier, CEO, stated: “This is a pivotal moment for the company as we continue to develop the H/K Rare-Earth project. We’re looking forward to the unique opportunity presented by the Apatite-hosted REEs and how they may differ from the typical Monazite-hosted deposits of North America. We’re excited to look at the heavy-REE components of H/K which present high-value opportunities. The results will help us direct our focus on upcoming drill campaigns, allowing us to discover and address any unknowns and challenges that may arise.”