Canada-based Alaska Energy Metals has completed a private placement of flow-through shares, accumulating C$1m ($754,475) to undertake exploration efforts at the Angliers project in Quebec.

The financing, subject to final acceptance by the TSX Venture Exchange, was secured through the sale of two million common shares at C$0.50 per share.

Proceeds from the placement will be used for exploration at the Angliers project.

The company added that the sole investor in this non-brokered private placement was Maple Leaf Funds via subscriptions by Maple Leaf Critical Minerals 2023-II Flow Through LP – Quebec Class and Maple Leaf Critical Minerals 2023 Super Flow Through LP – Quebec Class.

In association with the financing, Alaska Energy Metals has issued finder's fees in the form of 179,487 AEMC shares to Red Cloud Securities.

Additionally, 140,000 finder's warrants were also issued to Red Cloud Mining Capital.

The securities issued under the financing have a hold period that will expire on 28 April 2024.

Alaska Energy Metals is engaged in developing the polymetallic exploration target, which has metals such as chrome, cobalt, copper, gold, iron, nickel, palladium and platinum.

Alaska Energy Metals president and CEO Gregory Beischer said: “We are really pleased to have institutional investor Maple Leaf Funds as a shareholder of our company.

“This financing, done at a significant premium to our current market price, will allow us to advance the Angliers nickel project in Western Quebec.”

Alaska Energy Metals is also involved in the Nikolai Nickel Project in Alaska.