Tectonic Metals Completes First Tranche of Private Placement

Tectonic Metals Inc., based in Vancouver, has completed the first tranche of its extended C$1 million non-brokered private placement, issuing 9,780,334 units at C$0.06 per unit, resulting in gross proceeds of C$586,820. This latest round brings the total raised to C$3,657,459, following an earlier offering. The company plans to close a second tranche within 30 days.

Each unit consists of one common share and one-half common share purchase warrant, exercisable at C$0.10 for two years. Units are issued under exemptions in NI 45-106 and Regulation D in the US. The funds will support Tectonic's Flat Gold Project and general capital.

Finders received C$27,720 in fees and 462,000 warrants. Approval from the TSX Venture Exchange is pending for the offering's conditions.