PMET Resources (ASX:PMT) is pursuing financings of up to CA$130 million, including a prospectus offering of common shares via a prospectus supplement a July 22, 2024, the short form base shelf prospectus shares to raise up to CA$65 million at CA$5.66 per common share as well as a private placement via a charity flow-through offering, according to a Tuesday Australian bourse filing.

The prospectus offering of common shares will seek to raise around CA$65 million at CA$5.66 per common share, while the private placement will be conducted at CA$9.30 per common share.

Its largest shareholder, Volkswagen, which holds a stake of around 9.553%, plans to participate in a separate private placement for additional common shares, expected to be around CA$14 million.

It plans to use the proceeds to advance exploration and development of its Shaakichiuwaanaan project in Canada, including the pursuit of an optimized feasibility study on CV5 to include an assessment of tantalum co-products as well as a preliminary economic assessment on CV13 for lithium, caesium, and tantalum.

Both offerings are expected to close on or about Feb. 19 and are subject to customary closing conditions.

Its shares fell 10% in recent trading on Tuesday.