K92 MiningInc. said July 15 that it has upsized its previously announcedprivate placement toraise up to C$12.5 million, from the initial maximum amount of C$5 million.
The company will now issue 12.5 million units instead of 5million units, still at C$1 each.
Each unit consists of 1 common share and 0.5 of a sharepurchase warrant that will allow holders to acquire 1 company share at a priceof C$1.50 each within 12 months from the issuance date.
Proceeds from the placement will be used for generalcorporate purposes and to improve liquidity as the company completes theunderground incline drive from Irumafimpa to Kora deposits at the gold-silver-copperproject in Papua New Guinea.