British Columbia-based firm, Reflex Advanced Materials (RFLXF), has announced an increase in its non-brokered private placement financing from an initial $1 million to $1.5 million. This move comes as part of the company’s focus on identifying and developing economic properties in the strategic metals and advanced materials sector.
The offering includes up to 7.5 million units priced at $0.20 each. Each unit consists of one share and half a warrant, with full warrants allowing holders to purchase an additional share at a $0.35 exercise price within a 24-month warrant period. The closing of this offering, which is subject to certain conditions and approvals, is anticipated by Nov. 6, 2023.
This capital raise will be directed towards advancing the Ruby Graphite Project in Montana’s Beaverhead County, among other corporate activities. The funds will also aid in improving infrastructure efficiencies for the rising demand from North American manufacturers in the specialty mineral sector.
In addition to the Ruby Graphite Project, Reflex Advanced Materials is also developing the ZigZag Property in Ontario’s Thunder Bay Mining Division, Crescent Lake Area. The company’s strategic objectives are aimed at enhancing domestic specialty mineral infrastructure efficiencies to cater to the growing North American demand.
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