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Inca One Gold raises C$6.3M in oversubscribed private placement

Inca One Gold Corp. closed a previously announced nonbrokered private placement, raising gross proceeds of C$6.3 million by issuing a total of 25.4 million units at 25 cents apiece, the company said Oct. 3.

The financing, which was upsized earlier this month, had aimed to raise C$5.3 million.

Each unit comprises one common share and 0.5 of a transferable share purchase warrant, with each warrant exercisable to acquire an additional share at 40 cents apiece, for a period of 36 months following closing, subject to an acceleration clause.

Proceeds will be used for mineral purchases, inventory supplies and materials, select debt repayments, and general working capital requirements.