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Cleghorn Minerals Announces Oversubscribed Financing for Matachewan project

Jan 24, 2025


Cleghorn Minerals Ltd. has announced that its previously reported $200,000 unit financing has been oversubscribed, with gross proceeds now totaling $210,000. The financing will result in the issuance of 4,200,000 units at $0.05 per unit.

Each unit includes one common share and one non-transferable share purchase warrant, with each warrant entitling the holder to purchase an additional common share at $0.08 for a period of three years from the issuance date.

Directors and officers of Cleghorn will participate in the offering, which remains subject to TSX Venture Exchange approval. All securities issued will be subject to a four-month and one-day hold period, as required by applicable securities regulations and exchange policies.

Proceeds from the financing will be allocated to general corporate purposes as Cleghorn continues its work on the Meech Lake - Matachewan Prospect in northeastern Ontario, where the company holds a 100% interest subject to a 3.5% NSR.

By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News



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