Antimony Resources closes C$3 million Bald Hill financing

Antimony Resources Corp. said on October 23 that it had closed its previously announced non-brokered private placement, issuing 10 million units at C$0.30 each for gross proceeds of C$3 million. The company said the net proceeds would support exploration and development at its Bald Hill Antimony Project in southern New Brunswick, as well as general working capital. The release marks completion of the financing announced earlier in October.

Each unit consisted of one common share and one-half of a warrant. Across the placement, that structure represents five million whole warrants. Each whole warrant entitles its holder to buy one additional common share for C$0.50 on or before October 23, 2028. The company also disclosed a C$180,000 cash finder’s fee to an arm’s-length third party. The securities were issued under the listed issuer financing exemption in Part 5A of National Instrument 45-106.

Bald Hill is in southern New Brunswick. The issuer describes drilling in the Main Zone over a strike length of more than 600 metres and to at least 350 metres depth, with mineralization open in all directions. It reports typical mineralized widths of four to five metres and antimony grades averaging three to four per cent. These are company-reported project summaries; they are not new drill results in the financing-closing announcement.

The release also recites a 2025 technical-report exploration target of approximately 2.7 million tonnes grading between three and four per cent antimony. The company explicitly says it has not completed enough work to confirm that estimate. The stated quantity and grade are conceptual, there has been insufficient exploration to define a mineral resource, and further work may not delineate one. The target is therefore separate from a mineral resource or reserve estimate.

Antimony Resources said new targets and claims added west, south and east of the main property could provide room for follow-up exploration. It also cited soil-sampling zones about three kilometres south of the Main Zone on the Second Run claim. Those references describe exploration context and target areas, not discoveries confirmed by this financing notice.

The financing’s stated use links the completed capital raise to future work at Bald Hill, but the announcement does not allocate specific amounts between project activity and working capital. Nor does it set out a new field schedule. The concrete update is the closing of the previously announced placement, its share-and-warrant terms, and the gross funds raised for a project that remains in exploration.