Matamec Explorations (CVE:MAT) announced that a private placement of CAD $1,150,000 has been completed.
The press release is quoted as saying:
The proceeds of the offering will be used by the Company for exploration work on the Zeus rare earths-yttrium-zirconium-niobium-tantalum property. Besides definition drilling of the heavy rare earths-yttrium-zirconium Kipawa deposit already outlined, exploration drilling will be conducted along the deposit’s lateral extensions as well as at depth. A portion of Zeus’ budget will be allocated for defining the other showings identified elsewhere on the property as well as mapping and prospecting the entire Kipawa alkaline complex in order to find other mineralization similar to the deposit. Furthermore, this budget will contribute to accelerate the metallurgical testing to finalize the process diagram that will permit the completion of the preliminary economic assessment (PEA) study