Probe Metals To Raise $9.3 Million Via Quebec Institutional Funds
Probe Metals (TSXV: PRB) is the latest junior firm to hit the markets looking for cash. The company this morning indicated it is looking to conduct a non-brokered private placement, for which it has reportedly received initial commitments from certain funds within Quebec.
The financing will see the company look to raise gross proceeds of up to $9.3 million via the sale of units. A total of 5.3 million units are expected to be sold at a price of $1.75 per each.
Units are to consist of one common share and one half of a common share purchase warrant. Warrants are valid for a period of two years from the date of closing, and contain an exercise price of $2.40 per each.
Proceeds from the financing are to be used for the further exploration and development of the firms Quebec-based assets.
The financing follows a $20.0 million bought deal completed in March, wherein the company sold flow through units at a price of $3.10 per each. Notably, that financing also saw warrants issued under similar terms to the warrants to be issued under the current non-brokered financing.
It was not stated specifically which funds were to participate in the financing.
Probe Metals last traded at $1.81 on the TSX Venture.
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