Canadian copper explorer Gladiator Metals (TSXV: GLAD) has raised more than C$35 million ($25 million) through a private placement led by BlackRock as the lead investor.
In a statement on Monday, the company said it sold a total of 7 million flow-through shares priced at C$3.87 per share and 3 million non-flow-through shares at C$2.65 per share under the placement.
BlackRock, the world’s largest asset management firm, led the financing round, Gladiator said, though it did not provide further details on BlackRock’s participation.
Shares of Gladiator Metals shot up more than 2% to C$3.40 apiece, within touching distance of its all-time high of C$3.46. The Vancouver-based junior has a market capitalization of C$357.9 million ($252.7 million).
“Discussions over the last few weeks have resulted in a cornerstone financial commitment from experienced institutional resource investors led by BlackRock World Mining Trust, who have a strong track record of investing in emerging growth and natural resource companies,” Gladiator Metals’ CEO Jason Bontempo said in a press release.
Funding for drilling
The approximate $35 million in proceeds, he added, will bolster the company’s treasury to C$50 million and fully fund its 2026-2027 exploration campaign at its flagship copper project in Canada’s Yukon Territory.
The project, located in the Whitehorse copper belt, has a record of historical production by Hudbay Minerals and is now host to multiple high-grade prospects within a 35 x 5 km area. The most advanced is Cowley Park, which has had over 300 holes drilled leading to the identification of high-grade copper-molybdenum mineralization over a 700-meter strike.
The prospect, regarded as a cornerstone by Gladiator, had reached the feasibility stage before the former mine operation closed.
According to Bontempo, the company’s goal in the short term is to focus on continued resources discovery at the Cowley as well as the Cub East prospects. “Drilling plans will now focus on increasing the current three active drill rigs to six before the end of summer,” he said.
