Fireweed Metals Corp., formerly known as Fireweed Zinc Ltd., announced a non-brokered private placement of up to C$27,523,500. The private placement includes lead orders by members of the Lundin family and other key shareholders. The Lundins’ participation in the offering makes them collectively Fireweed’s largest shareholder.
“It is a testament to the quality of Fireweed’s projects and the efforts of our team that we are able to attract backers like the Lundin family,” said Brandon Macdonald, CEO, Fireweed Metals Corp. “No strangers to projects with district potential, the Lundins saw the value in Fireweed’s portfolio, particularly our flagship Macmillan Pass project, and have now given us one of our strongest endorsements to date. Together with additional backing from our largest shareholders, this Offering gives Fireweed the ability to deliver a 2023 program unconstrained from capital requirements. I am excited for the year ahead.”
Fireweed Metals has three projects located in northern Canada: Macmillan Pass, Mactung and Gayna River. The district-scale 940 km2 Macmillan Pass project in Yukon hosts the Tom and Jason zinc-lead-silver deposits. The 37.6 km2 Mactung tungsten project, located adjacent to the Macmillan Pass, contains historic resources that make it one of the largest and highest-grade undeveloped tungsten resources in the world. The 128.75 km2 Gayna River project, located 180 km north of the Macmillan Pass project, hosts extensive critical minerals including zinc, gallium and germanium as well as lead and silver.
“The Lundin Family is excited to become a significant shareholder in Fireweed Metals,” said Adam Lundin. “We have been impressed with the progress made to date by Brandon and his team. With the experience we have in the sector, opportunities like this seldomly come around and we view Fireweed has a district-scale opportunity. The recent discovery at Boundary Zone adds to the solid mineralization characteristics of the Tom and Jason deposits. We look forward to working with the company to maximize value for all stakeholders involved in this exciting story.”
