Probe MetalsInc. said July 11 that it has increased its private placement,now targeting to raise up to about C$13.4 million from the initial maximum proceedsof C$5.3 million, due to investor demand.
The revised offering will consist of up to 8,383,750non-flow-through units at 95 Canadian cents apiece and up to 3,616,250flow-through units at C$1.50 each. The company initially intended to offer 3.5million flow-through units at C$1.50 apiece under the financing.
Each unit consists of 1 common share and 0.5 of a sharepurchase warrant, with a whole warrant exercisable for 1 common Probe Metalsshare at C$1.75 for an 18-month period from closing.
Probe Metals also granted the financing's agents the optionto sell up to an additional 10% of the number of non-flow-through units andflow-through units sold under the offering.
The financing is expected to close Aug. 11. Proceeds raisedwill be used for exploration expenses at the company's projects in Ontario andQuebec and for general working capital.