Selkirk Copper Mines Company (SCMI-TSXV, Scrkf-OTCQB, 1020-FRA) It is raising the size of its previously announced private placement financing which is now expected to raise just over $30 million, up from the previous target of $20 million. Proceeds are allocated to the continued development of the Minto copper, gold and silver mine in the Canadian Yukon.
It said the offering will consist of 4.41 million ordinary shares that will qualify as flow-through shares within the meaning of the Income Tax Act (Canada) at a price of $1.70 per flow-through share for gross proceeds of $7.5 million, and 19.6 million ordinary shares at $1.15 per share for gross proceeds of $22.5 million.
The company said it has granted the underwriters the option to purchase up to an additional 4.35 million common shares at the common stock issue price, which could raise additional proceeds of $5.0 million. This option can be exercised at any time up to 48 hours before the closing, most likely on or about April 30, 2026.
On Friday, Selkirk shares fell 2.2%, or $0.03, to $1.32. Shares are trading in a 52-week range of $1.38 to 42 cents.
Selkirk Copper is a newly formed company with a controlling interest owned by Selkirk First Nation through its wholly owned subsidiary which is completing a drilling campaign and restart and redevelopment plan at the former Minto mine.
The Selkirk First Nation is headquartered at Billy’s Crossing, a community in central Yukon.
Selkirk Copper controls 26,850 hectares of potential mineral claims located in the Minto-Carmacks copper belt as well as significant open-pit and underground infrastructure, a 4,100-tonne-per-day processing plant, a 400-person capacity camp, water treatment facilities, and numerous outbuildings and mobile equipment stationed at the Minto mine.
In a press release issued on March 25, 2026, Selkirk announced new assay results for an ongoing 50,000 meter drilling program. “As we near completion of the planned 50,000-metre Phase 1 drilling program, and continue to develop engineering swap studies, the restart plan is better defined,” said Colin Joudrey, Selkirk President and CEO.
The Phase 1 exercise program, which began in August 2025, focuses on expanding resources as well as collecting technical data to support the upcoming Preliminary Economic Assessment (PEA). As of March 20, 48,751 meters of drilling has been completed in 164 holes, or 97% of the planned program.
“The current phase of drilling continues to define and expand areas of high-grade mineralization at Minto North, and graded drilling at Minto East has confirmed the presence of stacked lenses and shows continuity beyond previously drilled areas, further defining underground development plans. The PEA is scheduled to be completed on schedule by mid-2026,” Joudry said.
