Mawson Resources Ltd. increased a C$5 million private placement to C$6 million due to demand, it said Oct. 16.

The oversubscribed offering will now consist of 37.5 million units of the company at 16 Canadian cents per unit, each of which will consist of one share and one-half of a share purchase warrant.

Each warrant will entitle the holder to acquire a share at 24 cents for 24 months following the closing, expected Oct. 30.

Mawson granted lead agent Red Cloud Securities an overallotment option to sell up to an additional 12.5 million units. If exercised in full, the option would increase total proceeds to C$8 million.

The company plans to use the net proceeds for exploration on its properties primarily in Finland and for working capital and general corporate purposes.