Garibaldi Resources Corp. said Oct. 16 that it expects shortly to close an up to C$10 million private placement to strategic investors.
It will issue 3,174,604 units priced at C$3.15 apiece, with each unit comprising one common share and one full share purchase warrant. The warrants can be exchanged for a share at C$4.50 for two years.
The funds will be used to advance Garibaldi's E&L Nickel Mountain project in British Columbia, other properties in the Canadian province and its gold and silver properties in Mexico.
The company had flagged a C$6 million fundraising in September.