Canada-focused Patriot Battery Metals said on Tuesday that it planned to capitalise on the advantageous flow-through financing conditions by executing a C$14.54-a-share private placement to raise C$75-million.

The issue price represents a 51% premium to the company’s last closing price on the TSX on May 17.  

Patriot said it was acting decisively owing to the recent measures announced in the 2024 Canadian federal Budget, which are due to take effect on June 25, and are expected to reduce future flow-through premiums to exploration companies.

“We are delighted by the very strong support from existing and new institutional and sophisticated investors for the flow-through offering.

“With a strengthened balance sheet, Patriot is now positioned to continue its exploration and study work at Corvette, aimed at further growing the Corvette mineral resource and testing a number of high-priority targets within the company’s broader landholding, and drive the business through to production,” said MD Ken Brinsden.