Margaux Resources Ltd. (TSXV: MRL) closed the first tranche of its previously announced, non-brokered public offering of common shares issued at eight cents per share, the company said Jan. 15. The 4,625,000 issued shares closed at CA $370,000 in aggregate gross, the company added.

The securities also issued under the private placement are subject to a resale restriction period of four months and one day, the company said.

A portion of the proceeds will fund Margaux’s initial payment to Sultan Minerals Inc. (TSXV: SUL.V) on the previously announced option agreement for the Jersey Emerald Tungsten-Zinc property in British Columbia, the company said.

Calgary-based Margaux, a resource company, is exploring and producing oil and gas in southeastern Alberta’s Jumpbush project. It is exploring oil and gas production in southeastern British Columbia’s Jersey Emerald Tungsten-Zinc property, where it also holds an option.