Q2 Metals (TSX-V:QTWO) has increased its private placement to $21 million to finance ongoing exploration activities at its Québec-based projects. The Canadian explorer is focused on developing its portfolio of lithium projects within the James Bay region of Canada. This strategic move aims to accelerate the discovery of critical minerals in Canada.
The company will issue 21 million flow-through shares priced at $1 each. Canaccord Genuity is acting as the sole agent for the placement and has the option to sell an additional 5 million shares at the same price, potentially raising an extra $5 million. The offering is expected to close on August 14, with exploration slated to commence on or before December 31, 2026.
An existing shareholder is reportedly exercising their participation rights to maintain their pro rata ownership in the company. Q2 Metals recently announced its maiden exploration target at the Cisco Lithium Project in Québec, targeting between 215 and 329 million tonnes at a grade ranging from 1 to 1.38% lithium oxide.
This funding will enable Q2 Metals to aggressively pursue its exploration targets and further establish its presence in the burgeoning Canadian lithium market. The company is focused on lithium exploration and development in the James Bay region.
