SRQ Resources announces C$2.4 million private placement

SRQ Resources Inc., based in Montreal, has announced a new private placement of shares worth C$2.4 million. This funding will come from the sale of 18,103,399 common shares. The private placement is divided into two parts. One part will use funds to support Canadian exploration expenses related to the company’s mining projects in Quebec. This includes a commitment to renounce certain expenditures for investors by the end of 2025. The remaining funds will be allocated for general corporate needs and working capital. The company will pay finders' fees of 7% in cash and 7% in warrants to certain parties involved in this placement. The transaction requires standard regulatory approvals, including those from the TSX Venture Exchange. All shares from this placement will have a four-month hold period, following Canadian securities laws. Insiders from the company will also invest in this placement, which is considered a related party transaction but is exempt from specific approval requirements due to its size. SRQ focuses on exploring for nickel, copper, and platinum in Quebec. The company holds 1,173 exploration claims, with the Lac Brulé project being the most developed. This project is located west of Mont-Laurier and covers a substantial area known for its mineral potential.