Bitterroot closes first financing tranche for Michigan nickel-copper project
The Canadian company raised C$1.82 million gross for drilling and exploration costs at the LM project.
Event / data period: 2026-10-09
Published: · Updated:
Bitterroot Resources said on October 9 that it had closed the first tranche of the 20-million-unit non-brokered private placement announced September 16. It sold 15,137,883 units at C$0.12 each for gross proceeds of C$1,816,546. Each unit comprises one common share and half a warrant exercisable at C$0.20 and expiring October 8, 2028.
The company plans to use the proceeds for about 10,000 metres of drilling in 15–20 holes, related exploration costs and working capital at its 51%-owned LM nickel-copper project in Michigan’s Upper Peninsula. Michigan-based Below Exploration owns and funds the remaining 49%. The previously announced US Department of War reimbursement program of up to US$5.22 million is separate and non-dilutive.
Data
Financing tranche
Unit count in the first tranche closed October 9 and company stake in the LM project.
- Financing units sold in first tranche
- 15,137,883 count
- 2026-10-09 · Observed
- Bitterroot interest in LM project
- 51 percent
- 2026-10-09 · Observed
- Approximate planned LM drilling
- ≈10,000 metres
- 2026-10-09 · Target
Methodology
Unit count and project interest follow the company release; cash proceeds are stated in the article in Canadian dollars.
Updated:
Subjects and places
Subject proposals
- Business enterpriseSuggested
- Preserved editorial category/topic; broad candidate onlybitterrootresources.com ↗
- Metal and mineral mining and refiningSuggested
- Subject suggested from the title or summary: nickel-copper projectbitterrootresources.com ↗
Geographic references
Only source-provided geographic references are shown. Opening an external map is optional. Optional story maps use OpenStreetMap. Opening a map sends your IP address and this site’s address to the map provider; location data remains readable as text without loading the map.
- Canada · Place role: Coverage · Place type: Country or area · Location precision: RegionalEvidence
- Explicit preserved editorial country/region; no city or national centroid inferredbitterrootresources.com ↗