VANCOUVER, British Columbia — Selkirk Copper Mines Inc., a mining company with deep ties to Yukon’s Indigenous communities, has boosted the size of its private placement financing to $30 million, citing strong demand from investors. The expansion, announced on April 10, 2026, comes just weeks after the initial deal was revealed and underscores growing interest in the company’s plans to revive the long-dormant Minto copper-gold-silver mine in the Yukon Territory.
According to a press release from the company, the amended agreement with a syndicate of underwriters — led by Canaccord Genuity Corp. and including Haywood Securities Inc., Raymond James Ltd., and Stifel Nicolaus Canada Inc. — will now raise aggregate gross proceeds of $30,001,300. This marks a significant upsize from the previously announced offering, reflecting what Selkirk Copper described as "strong investor demand." The deal includes 4,412,000 flow-through shares priced at $1.70 each, generating $7,500,400, and 19,566,000 common shares at $1.15 each, bringing in $22,500,900.
The flow-through shares are designed to qualify under subsection 66(15) of the Income Tax Act (Canada), allowing investors to benefit from tax credits tied to Canadian exploration expenses. Selkirk Copper has committed to incurring "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" totaling at least the proceeds from these shares — $7,500,400 — by December 31, 2027. The company plans to renounce these expenditures in favor of the purchasers effective December 31, 2026. In a precautionary measure, Selkirk Copper agreed to indemnify buyers for any additional taxes if the Canada Revenue Agency reduces or disallows these expenditures.
"The Company intends to use the proceeds of the Offering to continue development of the Company’s Minto Mine, as well as for working capital and general corporate purposes," the release stated. This funding is pivotal for Selkirk Copper, which is spearheading a redevelopment plan for the Minto Mine, located in the Minto-Carmacks copper belt, approximately 280 kilometers north of Whitehorse in the Yukon.
The underwriters have been granted an option to purchase up to an additional 4,348,000 common shares at $1.15 each, potentially adding another $5,000,200 to the total. This over-allotment option can be exercised up to 48 hours before the deal closes, expected around April 30, 2026, pending regulatory approvals including conditional approval from the TSX Venture Exchange.
Selkirk Copper, listed on the TSX Venture Exchange under the symbol SCMI, as well as on the Frankfurt Exchange (IO20) and OTCQB (SKRKF), is majority-controlled by the Selkirk First Nation through a wholly owned subsidiary. The Selkirk First Nation, centered in Pelly Crossing, Yukon, is a self-governing Indigenous group that signed its Final and Self-Government Agreements in 1997. It owns 4,740 square kilometers of Settlement Land, including subsurface rights to 2,408 square kilometers, making it one of three self-governing Northern Tutchone First Nations in the territory.
The Minto Mine, previously operated by other companies, ceased production in 2018 after nearly two decades of activity. Selkirk Copper acquired control of the site, which includes 26,850 hectares of mineral claims, a 4,100-tonne-per-day processing plant, a 400-person camp, water treatment facilities, and various infrastructure. Much of this is situated on or adjacent to Selkirk First Nation lands, including Category A Lands, emphasizing the partnership’s focus on sustainable practices.
M. Colin Joudrie, President and Chief Executive Officer of Selkirk Copper, highlighted the collaborative effort in the company’s broader mission. While the release did not include new direct quotes from Joudrie, it reiterated the firm’s commitment to "best-in-class environmentally sustainable mining, development and reclamation practice." Joudrie, reachable at colin.joudrie@selkirkcopper.com or (604) 760-3157, has been instrumental in outlining the restart plan, which involves a thorough exploration drilling campaign.
The financing structure offers a 6% cash commission to the underwriters on most proceeds, reduced to 2% for subscribers on the company’s "president’s list." Securities issued will carry a four-month-and-one-day statutory hold period under Canadian laws. The offering is exempt from prospectus requirements in Canadian provinces and uses exemptions under the U.S. Securities Act of 1933 for U.S. investors, with no distribution intended in the United States via news wires.
This upsize arrives amid a resurgence in critical minerals exploration in Canada, particularly for copper, which is vital for the global energy transition. The Yukon’s Minto-Carmacks belt has long been recognized for its copper potential, and Selkirk Copper’s involvement marks a notable Indigenous-led initiative in the sector. The Selkirk First Nation’s controlling stake positions it as a key player in balancing economic development with cultural and environmental stewardship.
Industry observers note that flow-through shares have become increasingly popular for junior miners, providing tax incentives that attract investors to high-risk exploration projects. According to the company’s release, the Qualifying Expenditures will support drilling and redevelopment at Minto, potentially unlocking reserves of copper, gold, and silver. However, the announcement includes standard forward-looking cautions, noting risks such as regulatory hurdles and market fluctuations that could impact actual outcomes.
"By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied," the release warned. Assumptions include the company’s ability to execute its plans without major disruptions, and Selkirk Copper disclaimed any obligation to update the information unless required by law.
The deal’s closure remains subject to several conditions, including TSX Venture Exchange approval. Neither the exchange nor its regulation services provider endorses the release’s adequacy or accuracy. For investors outside Canada and the U.S., the offering avoids triggering prospectus obligations in other jurisdictions.
Justin Stevens, Vice-President of Corporate Development at Selkirk Copper, is available for further inquiries at justin.stevens@selkirkcopper.com or (604) 240-2959. As the company advances toward closing, this financing could accelerate the Minto Mine’s revival, contributing to Yukon’s mining economy and providing economic benefits to the Selkirk First Nation community in Pelly Crossing.
Broader implications extend to Canada’s push for domestic critical minerals supply chains, with copper demand projected to rise sharply due to electrification and renewable energy needs. Selkirk Copper’s model, integrating Indigenous governance and sustainable practices, may serve as a template for future projects in remote northern regions. While the upsize signals confidence, the mining sector’s volatility means stakeholders will watch closely for progress on exploration and regulatory milestones.