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Amarillo Gold increases bought-deal offering to C$8.7M to fund Mara Rosa project

Amarillo Gold Corp. said Aug. 8 that it increased its bought-deal private placement offering to C$8.7 million in aggregate gross proceeds from C$5 million, at 20 Canadian cents per unit, which will be used to complete the feasibility study and the license application at the Mara Rosa gold mine project in Goias, Brazil, this year.

Amarillo said it granted its sole underwriter, Mackie Research Capital Corp., an option to increase the offering by up to 15% of the total number of units to be issued at any time on or before 48 hours prior to closing, which is scheduled on or around the week of Aug. 29.

If the increased offering and the underwriter's option are exercised in full, the aggregate gross proceeds of the placement will be about C$10 million.

The company also intends to use the net proceeds for mineral exploration and development projects and for general corporate purposes.