Probe Metals (TSXV: PRB) is the latest firm to announce a flow through financing. The company this morning indicated it intends to raise up to $15 million via a bought deal flow through financing to be lead by Canaccord Genuity Corp.
Under the terms of the financing, the firm will sell 4.84 million flow through units of the company at $3.10 per unit. Each unit contains one flow through common share of the firm, and one half of a purchase warrant. Warrants are valid for two years and contain an exercise price of $2.40 per share.
An over-allotment option has also been granted, which would see up to a further 726,000 flow through units sold.
Proceeds from the financing will be used for qualified exploration expenses on its properties, which are located primarily in Ontario and Quebec.
The financing follows the firm receiving inflows of $7.0 million from the exercise of share purchase warrants in December.
Probe Metals last traded at $1.92 on the TSX Venture.
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