The Market Online speaks with Tectonic Metals Chairman, Founder, President, CEO & Director Tony Reda, as Tectonic Metals Closes $12.7M Financing, 80%+ Oversubscribed, to Launch Multi-Rig Drill Program at Flat Gold Project.
Category
🗞
NewsTranscript
00:00Hello and welcome to The Watchlist. Tectonic Metals has just completed an oversubscribed
00:10financing round. Here with the details is CEO and Director Tony Retta. Tony, so nice to have you.
00:17It's excellent to be here. Thank you. Well, first of all, congratulations on the oversubscribed
00:21financing. And with Crescat Capital's $3.5 million cornerstone investment and strong
00:27institutional backing, how does this validate the strategic direction of Tectonic Metals,
00:32particularly with the upcoming 2025 drill program at Alpha Ball? Great question. As a fellow investor
00:40into mining and exploration stocks, I can do my research, but I can also look at the shareholder
00:46registry and see, okay, what are these shareholders or these investors coming into this financing?
00:51No, that I don't know. So Crescat Capital came in for a $2.5 million investment. On top of that,
00:59the CEO invested $1 million personally, so hence $3.5 million. Those are very sophisticated,
01:05well-known people and a very well-respected fund. So they obviously see an opportunity and that gives
01:11credibility to the story and gives other investors confidence to say, let me cut a check. And so
01:18anytime anyone cuts a check, regardless of the capital, it's all relative. It's a huge endorsement.
01:24It speaks loudly to the opportunity at hand. That financing was 80% oversubscribed. You know,
01:30we see oversubscribed financing somewhat a fair bit, but to see something that's 80%, you know,
01:35we went in there with a $7 million target and ended up raising close to $13 million. So again,
01:41that speaks volumes to the opportunity at hand here.
01:44And the press release mentions a 10 for one share consolidation aimed at enhancing institutional
01:50appeal. Can you elaborate on how this move positions tectonic metals for broader market
01:54participation and potential inclusion in ETFs and indices?
01:59Yes, most definitely. I think we looked at the gold landscape or the natural resource landscape,
02:05if you will. And with gold prices pushing north of $3,000 an ounce, the generalists moving into the
02:11gold space, blue chip funds, looking into the gold space or moving into same thing with these ETFs and
02:16indices, we want to present tectonic as the most attractive option for them. And doing that with a
02:23higher share price, you know, a significant amount of capital in the bank, we felt it was prudent to do
02:28the reset with the share consolidation. It also positions us up for positions, the company to really
02:34maximize any positive results going forward where we can see that reflection in the share price.
02:39All right. Well, thank you so much, Tony, for the update for the watch list. I'm Karina Robertson.