C3 Metals Inc. (TSXV: CCCM) announced on Tuesday that it has entered into a bought deal financing agreement with a syndicate of underwriters led by Canaccord Genuity. The private placement is reported to be for aggregate proceeds of $15.0 million.
The financing will see the company sell 78,947,400 common shares at $0.19 per share. In addition, the underwriters also have the option to purchase up to 15,789,500 additional shares at the same share price for a potential additional proceeds of $3.0 million.
The offering is expected to close on November 9, 2021, subject to regulatory approvals.
The company relayed its plans to use the proceeds from the offerings on the expansion of the drill program at its 100%-owned Jasperoide copper-gold property in Peru and to undertake a maiden drill program at its Bellas Gate property in Jamaica, as well as for general working capital and corporate purposes.
C3 Metals last traded at $0.205 on the TSX Venture.
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