AuMEGA Metals Completes First Tranche of Financing to Advance Newfoundland Exploration Projects

AuMEGA Metals Ltd (ASX: AAM), previously known as Matador Mining Ltd, has closed the first tranche of its private placement financing, issuing 131.15 million shares to accredited investors. This tranche raised approximately C$8.77 million, with shares issued under ASX and TSXV listing rules. A second tranche, expected to raise C$7.34 million, is pending shareholder approval at a December 4 meeting. Proceeds will fund an exploration program in Newfoundland and Labrador, including a 20,000-meter drilling initiative to expand the Bunker Hill Project’s mineral resource.

Funds will also support early-stage exploration at the Hermitage and Malachite sites, as well as general corporate needs. Certain directors are participating in the second tranche, making it a related party transaction, though exempt from formal valuation due to limited impact on the company’s market cap.

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