Copper MountainMining Corp. said July 13 that it has upsized its previously announcedbought-deal financingto as much as C$6.5 million from C$5 million.
Under the revised agreement between the company and Haywood SecuritiesInc., the underwriter agreed to purchase 11,820,000 units at 55 cents each, insteadof the initial 9,100,000 units.
Each unit entitles the holder to acquire 1 common share of CopperMountain and 0.5 of a common share purchase warrant. Each warrant, which expires36 months after the closing date, can be exercised for 1 common share at 75 centsper share.
Copper Mountain may accelerate the warrants' expiry should itsshares close above C$1.25 per share for 20 consecutive trading days.
Haywood also has an option to purchaseup to an additional 15% of the units on the same terms and conditions as the offering,for up to 30 days after the offering's Aug. 3 closing date.
Proceeds from the offering will beused for working capital and general corporate purposes.