Skeena Resources Ltd. said March 19 that a best-efforts placement was oversubscribed and increased to raise C$8.4 million through the placement of approximately 9,139,451 units at 60 cents each and approximately 4,223,572 flow-through common shares at 70 cents each.
Initially, the placement targeted C$6 million.
The company will use proceeds to advance its early stage Snip and the past-producing Eskay Creek gold projects in British Columbia and for working capital. Skeena secured an option to acquire Eskay Creek in late 2017.
The offering is expected to close by March 29.