Arras Minerals Funding
Arras Minerals announces upsized $21.7 million bought deal financing for growth.
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Arras Minerals Corp. (TSX-V: ARK) upsized its bought deal financing to C$21.7 million on June 16, 2026 — just 24 hours after first announcing a C$15 million raise. The deal, led by Haywood Securities Inc., will issue 15,984,500 common shares at C$1.36 each, according to The Observer.
The rapid upsizing came on the heels of a stunning drill result from the company's Elemes Project in Kazakhstan. A single hole hit 935.9 meters of copper-gold mineralization from surface — the kind of discovery that sent the stock up 44% in one day and flooded underwriters with orders almost immediately.
One Drill Hole Triggered a 44% Stock Surge
On June 9, 2026, Arras released results from hole EL26032 at its Berezski North target. The hole cut 935.9 meters of mineralization grading 0.71% copper-equivalent from the surface. Inside that interval, 214.9 meters graded 1.42% copper-equivalent. Those are exceptional numbers for an open-pit style deposit, according to Sault Star.
CEO Tim Barry called the result "a step-change for the Company." He said intersecting 900-plus meters of mineralization "materially advanced our understanding of the scale" of the project. The stock jumped 44.05% that same session. Analysts at Hannam & Partners put a 114% upside target on the shares based on the new find.
From $15 Million to $21.7 Million in Under 24 Hours
Arras first announced a C$15 million deal at 4:16 PM ET on June 15, 2026. By 10:17 AM ET the next morning, the deal had grown to C$21,738,920 — a 45% increase driven by investor demand. Underwriters can also buy an extra 2,397,675 shares through an over-allotment option worth up to C$3.26 million, Ontario Farmer reported.
Up to C$2 million of the offering is reserved for company-designated subscribers — a so-called "President's List." The deal is expected to close around July 7, 2026, pending TSX Venture Exchange approval. Copper prices used to calculate equivalent grades were set at US$3.75 per pound, with gold at US$3,000 per ounce.
Kazakhstan's World-Class Belt Draws Strategic Backing
The Elemes Project sits along an 8.8-kilometer trend in Kazakhstan's Pavlodar region, near the world-class Bozshakol copper-gold mine. The June 9 results revealed not just surface breccias but a deep, intact porphyry system — the type of large-scale structure that hosts major mines. Arras holds a strategic alliance with Teck Resources, which partnered with the company in December 2023 for generative exploration in the region, according to Sault Star.
President Darren Klinck bought 300,000 shares on the open market in May 2026 — a sign of strong internal confidence heading into the drill season. Kazakhstan scores 63.17% on the Fraser Institute's policy friendliness index, meaning the geology is world-class but investors still watch political conditions closely.
Proceeds Fuel an Expanded 30,000-Meter Drill Push
Arras plans to use the C$21.7 million to expand its Phase II drill program. Management has signaled a target increase from 20,000 meters to 30,000 meters of drilling through the end of 2026. That scale of work could define whether Berezski North is a district-sized copper-gold system or a single large deposit, The Observer reported.
Industry observers say the rapid oversubscription points to major institutional interest in new copper supply. With the scale of the porphyry system now visible, analysts expect larger mining companies — beyond the existing Teck alliance — to take a closer look at Arras, potentially setting up M&A interest in late 2026 or into 2027.
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