E-Tech Resources Inc. has raised N$10.8 million (US$600.000) for ongoing exploration and operational activities at the Eureka Rare Earths Project.
The company announced the successful completion of its trenching and sampling program at the Eureka project in March 2024.
The program revealed significant rare earth oxide mineralization across multiple locations within EPL 6762.
EPL 6762 and covers farms Eureka 99 and Sukses 90.
E-Tech has also entered into a definitive agreement to acquire an 85% interest in EPL 8748, which lies adjacent to and surrounds the company’s EPL 6762.
The company raised the money by selling 12 million units at $0.05 per unit.
Each unit has one common share of E-Tech and a one-half common share purchase warrant.
Each warrant entitles the holder to acquire one common share of E-Tech at an exercise price of $0.10 per share for 24 months from closing. The proceeds from the private placement will be used to support the company’s ongoing exploration and operational activities and for general working capital purposes.
