Primary Energy Metals brings in C$1.25mln after closing first tranche of financing

Primary Energy Metals Inc ()  has brought in over C$1.2mln after closing the first tranche of a private placing.

The group has issued over 16.7mln units at C$0.075 per unit for gross proceeds of C$1,257,585. Each unit consists of one share and one share purchase warrant exercisable at a price of C$0.15 cents for 12 months. The company expects to close a further tranche of the placement shortly, and will provide additional information as soon as it becomes available.

READ: Primary Cobalt set for name change to Primary Energy Metals Inc on September 4

On Wednesday this week, the group inked an arm's-length acquisition agreement with its US subsidiary, Primary Nirvana Inc. and Green Energy Minerals Ltd. to acquire a 100% interest in 199 unpatented lode claims in the Polar Mesa area of Utah (the Nirvana I project).

The company said it will pay US$180,000 to cover staking fees and county and Bureau of Land Management payments, and it will issue 10mln shares.

The Polar Mesa claims (the Nirvana I project) form a single contiguous claim block covered by 199 unpatented federal lode claims in Uravan belt, with historical mining going back to the 1880s.