Callinex MinesInc. said May 4 that it has further increased the size of its nonbrokered privateplacement, which now targets to raise up to C$4.2 million from the previously intendedC$2.8 million.
The company upgraded the initialfinancing of C$1.0 million to C$2.8 million at the end of April.
The financing is now increased to up to 7,000,000 flow-throughshares and up to 7,000,000 non-flow through units — with both shares and units pricedat 30 cents each.
The units will carry the same terms set out in the April 25 announcement.
Callinex Mines intends to put the proceeds toward facilitatingexploration and for general working capital.