Power Metallic Mines Company (BNBN-TSXV, BNBNFF-OTCBB, IVVI-Frankfurt) It has pledged to increase the gross proceeds of the company’s previously announced private placement to US$30 million from the previous target of US$25 million.
The company said it plans to use the net proceeds from the offering to develop its flagship NISK multi-mineral project in Quebec and the Gaboul Boudin exploration license in Saudi Arabia.
Under the terms of the marketed offering, the company agreed to sell up to 24 million shares at a price of $1.25 per share. Power Metallic has given the underwriters the option to sell an additional 2.4 million shares in a move that could generate an additional $3.0 million. This option may be exercised in whole or in part up to 48 hours before closing, which is expected to occur on June 10, 2026.
Power Metallic shares were active after the news, falling 14.38%, or 21 cents, to $1.25. Shares are trading in a 52-week range of $1.73 to 76 cents.
Power Metallic is a Canadian exploration company focused on developing the Nisk (Nisk-Lion-Tiger) project area, a high-grade copper-platinum group elements (PGE) and nickel-gold-silver system towards Canada’s next polymetallic mine.
Back in February 2021, Power Metallic (then known as Chile Metals) obtained an option to earn up to an 80% interest in the NIsk project from Critical Elements Lithium Corporation (Commission for Racial Equality-TSXV). After purchasing 313 contiguous claims in June 2025 covering 167 sq km, the company now controls 333 sq km and approximately 50 km of potential basin margins.
Power Metals is expanding mineralization at the Nisk and Lion discovery areas, evaluating the Tiger target, and exploring the expanded ground package through successive drilling programs. The company said that over the next two quarters it plans to complete 30,000 meters of exploratory drilling across the expanded NSK land package.
Outside of the NIsk project area, Power Metallic indirectly has an interest in significant blocks of land in British Columbia and Chile through its 50% ownership interest in Shellian Metals Inc., which was separated from Power Metallic through a plan of arrangement on February 3, 2025.
It also owns 100% of Power Metallic Arabia, which owns a 100% interest in the Jabul Boudan exploration license in the Jebel Saeed belt in Saudi Arabia. The property covers an area of more than 200 square kilometers in an area known for its high potential for copper, gold and zinc mining. The region is also known for its massive sulphide deposits, including the world-class Jebel Sayid mine and the promising Umm and Damad deposits.
