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Hudson Resources raises C$9.3M for White Mountain project

Hudson Resources Inc. said Feb. 2 that it has completed the previously announced private placement, raising gross proceeds of C$9.3 million.

The company was looking to raise about C$8.1 million through a unit offering.

Hudson offered 26,647,706 units priced at 35 cents apiece, with each unit comprising of one fully paid share and 0.5 of a transferable share purchase warrant.

Each whole warrant is exercisable to acquire one additional share at 50 cents apiece until Feb. 1, 2020.

Hudson reserves the right to complete overallotment of up to 4,852,294 additional units for additional proceeds of about C$1.7 million, subsequent to this closing.

As previously reported, proceeds are earmarked to fund the equity portion of the project financing package being arranged by the company for its White Mountain anorthosite project in Greenland and for general corporate purposes.