Metalla Royalty & Streaming Ltd. closed the first tranche of its private placement financing of 4,521,400 units at 78 Canadian cents per unit for total proceeds of about C$3.5 million.

Each unit will consist of one share and one-half of a share purchase warrant, according to the Dec. 21 release.

Additionally, the company entered an amendment agreement with Haywood Securities Inc. to increase the size of the private placement offering to 8,724,896 units for total proceeds of about C$6.8 million.

The second tranche of the offering for additional C$3.3 million is expected to close by Jan. 4, 2019.

The company said that the proceeds will be used to finance the royalty transaction announced earlier this month and for other royalty and stream acquisitions.