Hudson Resources Inc. said Jan. 18 that it intends to seek approval from the TSX Venture Exchange to complete a nonbrokered private placement to raise gross proceeds of about C$8.1 million.

The company will offer 23 million units priced at 35 cents apiece, with each unit to be comprised of one fully paid share and 0.5 of a transferable share purchase warrant.

Each whole warrant will be exercisable to acquire one additional share at 50 cents apiece for a 36-month period from issuance.

Hudson reserves the right to issue an overallotment of up to 8.5 million units for additional proceeds of about C$3.0 million.

Net proceeds will be used 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.

Total project costs are estimated at C$40.0 million, with the debt component comprising a mix of senior and subordinated notes totaling US$22.5 million.