Probe Metals Inc. entered into an amended agreement with Sprott Capital Partners, a lead underwriter on behalf of a syndicate of underwriters, to upsize a previously announced bought-deal financing to about C$24.7 million from C$14.0 million.
The underwriters will now purchase 7,380,000 flow-through units at C$1.90 each for a total of C$14.0 million, and 8,377,566 non-flow-through units at C$1.15 each to raise C$9.6 million.
Each flow-through and non-flow-through unit will consist of 1 share and 0.5 of a share purchase warrant, with 1 warrant exercisable to purchase 1 share at C$1.45 each for a period of two years.
The company also intends to complete a concurrent nonbrokered placement of up to 900,000 hard units to raise C$1.0 million.
Probe Metals plans to use the proceeds to fund exploration at its Quebec properties and for working capital purposes, according to a June 1 release.
The financing is expected to close by June 19.
