EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) said directors, insiders and major shareholders have exercised common share purchase warrants, generating gross proceeds of approximately $1.5 million to advance its Scotia Mine project in Nova Scotia.
The warrant exercises follow several recent milestones for the Canadian company, including the start of trading on the OTCQB Venture Market in the US, advancement of the Fisheries Act Authorization review process, and the start of gold exploration activities
CEO Mark Haywood said the insider participation reflects confidence in EDM’s strategy and the long-term value potential of the Scotia Mine. “The additional capital significantly strengthens EDM’s treasury, increases financial flexibility, and supports continued advancement of key permitting, exploration and development initiatives while maintaining a disciplined approach to future dilution,” Haywood said. The warrants were issued under non-brokered private placement financings that closed in October and November 2024 and November 2025, with an exercise price of $0.14 per common share. Following the exercises, the company has approximately 22.6 million warrants outstanding at $0.14, representing potential additional proceeds of roughly $3.2 million if exercised.
EDM said it intends to use the proceeds to advance permitting and development at the Scotia Mine, support an updated prefeasibility study, fund gold exploration activities, and cover general working capital purposes. EDM Resources owns the Scotia Mine and related facilities near Halifax, Nova Scotia, along with several exploration licenses in the surrounding region through its wholly owned subsidiary