Probe Metals Inc. said May 22 that Sprott Capital Partners, on behalf of a syndicate of underwriters, agreed to purchase flow-through units at C$1.90 each and non-flow-through units at C$1.15 each in a bought-deal private placement to raise C$14.0 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 granted the underwriters an overallotment option to purchase up to an additional C$2.1 million of flow-through and non-flow-through units at any time prior to or within 30 days after closing.
The proceeds of the bought-deal placement will be used to fund exploration at Probe's Quebec projects, including the Val-d'Or East gold project, and for working capital.
The offer is expected to close on or about June 19.
