Voyager Metals Closes Previously Announced Private Placement For $4.725 Million

Voyager Metals Inc. (the “Company” or “Voyager”) (TSXV:VONE) is pleased to announce that it has closed the non-brokered private placement (“Private Placement”) previously announced March 7, 2023. The Private Placement is being completed in conjunction with the proposed the business combination with Cerrado Gold Inc. (“Cerrado”). Pursuant to the Private Placement, the Company has issued 31,024,294 common shares (“Common Shares”) at a price of C$0.1523 per Common Share for aggregate proceeds of C$4,724,999.98. Cerrado subscribed for 24,294,156 Common Shares for approximately $3.7 million and subsequent to the Private Placement holds approximately 19.6% of the issued and outstanding Common Shares.
The Company intends to use proceeds from the Private Placement to advance the Mont Sorcier feasibility study and for working capital and general corporate purposes.
In connection with the Private Placement, the Company has issued 471,110 non-transferable common share purchase warrants (the “Finder Warrants”) to an arm’s-length finder, (being 7% of the Common Shares sold under the Private Placement, excluding Cerrado’s subscription). Each Finder Warrant entitles the holder to acquire one Common Share at a price of $0.1523 per Common Share for a period of 36 months from the date hereof.
The Common Shares and Finder Warrants and any common shares issuable on exercise of the Finder Warrants are subject to a statutory hold period of four-months expiring July 16, 2023 in accordance with applicable Canadian securities laws. The Private Placement is subject to the final acceptance of the TSX Venture Exchange.
About Voyager Metals Inc.
Voyager Metals Inc. is a mineral exploration company headquartered in Toronto, Canada. The Company is focused on advancing its Mont Sorcier, Vanadium-rich, Magnetite Iron Ore Project, located just outside of Chibougamau, Québec.
At Mont Sorcier, Voyager is rapidly advancing the project towards Feasibility and permitting The project currently has Indicated Resources of 679M tonnes grading 27.8% magnetite and 0.20% V2O5, with the potential to produce 195M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5) and a further Inferred Resource estimated at 547M tonnes grading 26.1% magnetite and 0.17% V2O5, with the potential to produce 148M tonnes of magnetite concentrate grading at least 65% Fe and 0.52% vanadium pentoxide (V2O5).