District Metals Corp. [DMX-TSXV, DFPP-FSE] has arranged to raise $6 million from private placement financings and will used the proceeds to fund exploration at the company’s projects in Sweden and for general corporate purposes.
The company said it has arranged a non-brokered private placement financing under the listed issuer financing exemption (LIFE), whereby the company intends to raise up to $5 million via an offering of 18.5 million common shares priced at 27 cents per share. The shares offered under the LIFE offering will not be subject to a hold period in accordance with applicable Canadian securities laws.
Concurrent with the LIFE offering, the company has announced details of a non-brokered private placement (NBPP) financing whereby the company intends to raise up to $1 million through an offering of 3.7 million shares priced at 27 cents each. The shares offered under the NBPP will be subject to a four-month and one day hold period in accordance with applicable Canadian securities laws.
Subject to various approvals, including approval by the TSX Venture Exchange, the offering is scheduled to close by May 21, 2025.
District shares advanced on the news, rising 1.6% or $0.005 to 29 cents on Thursday. The shares trade in a 52-week range of 50 cents and $0.25.
District is a polymetallic exploration and development company with a focus on the Viken and Tomtebo projects in Sweden. The Viken property covers 100% of the uranium-vanadium Viken Deposit. Viken is amongst the largest deposits of total historic mineral resources of uranium and vanadium in world. In an April 29, 2025 news release, District announced an inferred mineral resource estimate of 4.3 billion tonnes at a grade of 161 ppm U308, containing 1.5 billion pounds of U308 at the Viken Deposit. Subject to the Swedish government’s proposal to lift a ban on uranium mining the company may launch a preliminary economic assessment for the Viken Deposit later this year.
The high-grade polymetallic Tomtebo Property is located in the Bergslagen Mining District in south-central Sweden.
The Tomtebo Property is located within a 2.5-hour drive northwest of Stockholm, Sweden’s capital city. The advanced stage exploration property encompasses an area of 5,144 hectares, and is situated 25 kilometres northwest of Boliden’s polymetallic Garpenberg Mine, and 25 kilometres southeast of the historic Falun Mine.
The company says Tomtebo contains similar host rocks, structure, alteration, and VMS/SedEx style mineralization as the nearby Garpenberg and Falun mines. The size and scale of these mines has only been revealed within the last two decades through a better understanding of the associated polymetallic-VMS/SedEX mineralizing systems, and through advances in drilling and mining technology.
Mining at Tomtebo can be traced back to the mid-seventeenth century. Two historic mines, and numerous mineralized prospects are situated on a 17-kilometre trend on the property. Historic production consisted of 120,000 tonnes of 4.4% copper at the Tomtebo Mine, and 330,000 tonnes at 3.5% zinc, 2.5% lead, and 30 g/t silver at Lovas.
