Azarga Metals Corp. (TSXV: AZR) increased its non-brokered private placement to gross proceeds of up to $2.94 million, citing strong investor demand. The revised size represents an increase of $440,000 from the previously announced target of up to $2.5 million.

The offering, originally announced on September 8, 2026, will issue common shares at a purchase price of $0.18 per share. The transaction remains subject to approval by the TSX Venture Exchange and other regulatory conditions.

Use of proceeds

Azarga Metals intends to allocate the funds toward advancing its exploration program at the Marg project in the Yukon Territory. The company also plans to use a portion of the proceeds for general working capital purposes.

The Marg project is a high-grade copper-rich VMS deposit located within the Keno Hill Silver District. Azarga Metals holds 100% ownership of the asset.

Transaction terms

The securities issued in connection with this private placement are subject to a four-month and one-day hold period under applicable securities laws. Finder's fees may be payable, contingent upon acceptance by the Exchange.

The company noted that the increase reflects interest from sophisticated and corporate professional investors. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of the release.

Azarga Metals Corp shareholders approved all resolutions put forward at its Annual General and Special Meeting held on June 23, 2026. The approvals included the election of directors, the re-appointment of auditors, and the renewal of the Company's 10% rolling stock option plan. Additionally, shareholders sanctioned an increase in the fixed reserve of the Company's equity incentive plan, raising the number of reserved common shares to 9,000,000 from the previous 6,000,000.

The Board of Directors had initially approved the increase to the Equity Plan on May 19, 2026, subject to TSX Venture Exchange and shareholder approval. The Equity Plan governs the granting of restricted share units (RSUs), performance share units (PSUs), and deferred share units (DSUs) to directors, officers, employees, and consultants of the Company or its subsidiaries.

The Company's Option Plan remains a 10% rolling stock option plan, which governs the granting of stock options for the purchase of up to 10% of the issued and outstanding common shares from time to time. This plan is available to directors, officers, employees, and consultants of the Company or a subsidiary.

Key Approvals

The meeting was conducted in accordance with the details outlined in the Company's information circular dated May 19, 2026. Azarga Metals Corp is listed on the TSX Venture Exchange under the ticker symbol AZR.