Cdn. Royalties raises $800,000

Proceeds from an oversubscribed private placement of flow-through shares will enable Canadian Royalties (CZZ-V) to explore its 80%-optioned Expo-Ungava project and wholly owned Phoenix prospect in the Raglan area of northern Quebec.

The brokered financing, originally anticipated to be $700,000, was oversubscribed and increased to $800,000 just prior to closing. More than 1.1 million flow-through shares were sold at 70 apiece. Haywood Securities was the agent.

Canadian Royalties is evaluating the Expo-Ungava nickel-copper deposit for its previously unrecognized platinum-palladium group metals. In addition, the junior is testing several showings in a belt of prospective rocks that stretch for roughly 100 km along the South Raglan trend ultramafic complex.