en.Wedoany.com Reported - Selkirk Copper Mines Inc. (TSXV: SCMI), a Canadian mining company listed on the TSX Venture Exchange, has signed an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. to raise up to C$20 million through a private placement. The funds will be used to advance the development of the Minto copper-gold-silver mine located in Canada's Yukon Territory.
Under the terms of the agreement, Selkirk Copper Mines will issue over 13 million common shares at a price of C$1.15 per share to raise gross proceeds of C$15 million. Additionally, the company will raise an additional C$5 million by issuing 2.9 million flow-through shares. The financing package also grants the underwriters an over-allotment option, allowing them to purchase up to 4.3 million additional common shares at the same offering price within 48 hours prior to the closing of the offering, potentially raising up to another C$5 million. The offering is expected to close around April 30, 2026.
Selkirk Copper Mines plans to use the proceeds from the common share offering for the ongoing development of the Minto Mine, working capital, and general corporate purposes. The proceeds from the flow-through shares will be used for eligible Canadian exploration expenses. The company was founded in 2010 and is headquartered in Vancouver. Originally named Venerable Ventures Ltd., it changed its name to its current one in November 2025. The company controls 26,850 hectares of mineral claims in the Minto-Carmacks copper belt and possesses significant mining infrastructure.
The Minto Mine is located approximately 240 kilometers northwest of Whitehorse, the capital of the Yukon Territory, within the traditional territory of the Selkirk First Nation. The mine began production in 2007 and, during its 16 years of operation, produced over 500 million pounds of copper along with associated gold and silver, making it one of the largest base metal producers in the Yukon. The mine was suddenly placed on care and maintenance in May 2023 due to financial difficulties.
In June 2025, the Selkirk First Nation acquired the Minto Mine out of bankruptcy proceedings, becoming the first Indigenous government in Canadian history to fully and legally own a mine. Subsequently, the First Nation partnered with Vancouver-based Venerable Ventures Ltd. (part of the Fiore Group backed by Frank Giustra) to form Selkirk Copper Mines Inc., with the First Nation holding a majority stake.
The company is advancing a 50,000-meter drilling program aimed at expanding the resource base of the Minto Mine. According to a resource estimate updated in July 2025, the mine has indicated resources of 12.6 million tonnes grading 1.2% copper (334 million pounds), 0.46 g/t gold (187,000 ounces), and 4.3 g/t silver (1.7 million ounces). Inferred resources stand at 23.7 million tonnes grading 1.05% copper (547 million pounds), 0.39 g/t gold (295,000 ounces), and 3.9 g/t silver (2.97 million ounces). This private placement will provide crucial funding for the mine's subsequent development.
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