Cleghorn Minerals Bolsters Financial Position with $210,000 Private Placement Financing

Cleghorn Minerals Ltd. (TSXV:CZZ), a junior mineral exploration company, has successfully closed a non-brokered private placement offering, raising gross proceeds of $210,000. The company issued 4,200,000 Units at a per Unit price of $0.05, with each Unit consisting of one common share and one non-transferable common share purchase warrant. The Warrants entitle the holder to purchase one common share at a per share price of $0.08 until January 31, 2028.

The completion of this private placement financing has a positive impact on Cleghorn Minerals' financial position and future growth prospects. The influx of capital allows the company to strengthen its financial position and provides funds for general corporate purposes, which could include exploration activities, working capital, or other operational expenses. With a stronger financial foundation, Cleghorn is better equipped to pursue its exploration and development objectives, potentially leading to increased shareholder value and improved growth prospects.

Cleghorn's strategic initiatives with the raised funds align with the company's long-term objectives, which include exploration and evaluation of its mineral property in Canada. The company holds a 100% interest in the Meech Lake - Matachewan Prospect, a property located in northeastern Ontario, subject to an aggregate 3.5% NSR. The property has historical mineral occurrences, including the Kell's (Ni-Cu-PGE) Showing, the Waterhole (Au-Ag-Cu-Zn) Showing, and the East (Au) Showing.

The raised funds will enable Cleghorn to continue its exploration and evaluation efforts on the Meech Lake - Matachewan Prospect. The company plans to focus on the initial exploration programs, including detailed high-resolution magnetic surveys and ground TDEM (In-Loop) surveys, to outline linear, well-defined magnetic features and EM anomalies. Additionally, Cleghorn will re-sample and prospect along strike to the NE, where an induced polarization anomaly has been resolved.

These strategic initiatives align with Cleghorn's long-term objectives of exploring and evaluating its mineral property, with a focus on the Ni-Cu-PGE and gold potential in the three historical mineral occurrences. By utilizing the raised funds for general corporate purposes, Cleghorn aims to advance its exploration efforts and potentially uncover valuable mineral resources on its property.




In conclusion, Cleghorn Minerals' successful completion of the $210,000 private placement financing has strengthened the company's financial position and provided resources for its exploration and development objectives. With a focus on the Meech Lake - Matachewan Prospect, Cleghorn is well-positioned to advance its exploration efforts and potentially uncover valuable mineral resources, ultimately driving shareholder value and growth.