11:37 AM EDT, 06/04/2020 (MT Newswires) -- Grid Metals (GRDM.V) was down 6% after the company on Thursday said it closed a private placement of flow-through share units that raised C$0.8 million for a drill program at the East Bull Lake Palladium property in northeastern Ontario.

The company sold five-million units in the placement, with each priced at C$0.16 and made up of a tax-advantaged share and one-half of a two-year warrant to buy a common share for C$0.26.

The company said it will begin its drilling program at the East Bull Lake property next week after carrying out a geophysical study to identify likely targets.

Grid shares were last seen down C$0.015 to C$0.235 on the TSX Venture Exchange.

Price: 0.24, Change: -0.02, Percent Change: -6.00