Due to significant demand, Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. agreed to increase the private placement related to their proposed business combination to create JDL Gold Corp. The merger is expected to close on or about Oct. 6.
The companies now aim to raise up to C$55 million, as compared to C$40 million previously targeted, via a nonbrokered private placement of subscription receipts priced at C$2 apiece, according to a Sept. 23 news release.
The financing may close in one or more tranches, with the first closing expected to occur on or about Sept. 27. The additional proceeds will be used for potential acquisition opportunities and general corporate purposes.