Following oversubscriptions, Excelsior Mining Corp. upsized its nonbrokered private placement to around C$38.6 million.
The company was originally targeting to raise up to C$26 million for the development, construction and maintenance of the Gunnison copper project in Arizona.
The financing will now comprise 38,635,200 shares at C$1 apiece, according to a Dec. 19 release.
The company noted that an affiliate of Greenstone Resources LP intends to acquire 16,467,200 shares in the offering for C$16.5 million. Greenstone will close its portion of the offering in a second tranche in accordance with the terms of its pre-emptive right.
Greenstone will hold a total of 100,878,097 shares, representing around 48.91% of Excelsior's issued and outstanding shares after closing.
The first tranche of the offering is expected to be completed by Dec. 21.
