# 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.

- Canonical URL: https://newsverum.com/en/news/bitterroot-first-tranche-lm-nickel-copper-drilling-finance-2026
- Publisher: Newsverum
- Section: Business
- Country: Canada
- Published: 2026-10-11T15:19:58+00:00
- Updated: 2026-10-12T06:28:10+03:00
- Event / data period: 2026-10-09
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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.

Methodology: Unit count and project interest follow the company release; cash proceeds are stated in the article in Canadian dollars.

| label | value | unit | period | basis | value_qualifier |
|---|---|---|---|---|---|
| Financing units sold in first tranche | 15137883 | count | 2026-10-09 | observed |  |
| Bitterroot interest in LM project | 51 | percent | 2026-10-09 | observed |  |
| Approximate planned LM drilling | 10000 | metres | 2026-10-09 | target | approximate |

Sources: <https://bitterrootresources.com/news/bitterroot-resources-ltd-closes-first-tranche-of-private-placement/> · Download data: [JSON](https://newsverum.com/api/v1/articles/bitterroot-first-tranche-lm-nickel-copper-drilling-finance-2026/data/financing-tranche-details?lang=en&format=json) · [CSV](https://newsverum.com/api/v1/articles/bitterroot-first-tranche-lm-nickel-copper-drilling-finance-2026/data/financing-tranche-details?lang=en&format=csv)

## Sources

- [Bitterroot Resources Ltd.](<https://bitterrootresources.com/news/bitterroot-resources-ltd-closes-first-tranche-of-private-placement/>) (Source checked: 2026-10-11; Published: 2026-10-09)

## Correction history

- 2026-10-12T06:28:10+03:00: Wording in this article's language editions was corrected to retain the article's full information and scope.

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