Power Metallic Mines (TSX-V:PNPN) has amended its LIFE offering document to include Québec as an offering jurisdiction.
The company upsized its placement to raise C$30 million ($30.56 million) through a brokered LIFE offering, with Red Cloud Securities acting as the lead agent and sole bookrunner on behalf of a syndicate of agents, as reported by Mining.com.au last week.
Funds will be used to fund the advancement of Power Metallic’s Nisk Nickel-Copper Sulphide Project in Québec and its Jabal Baudan exploration licence in Saudi Arabia.
Power Metallic will sell up to 24 million shares at C$1.25 each under the placement.
The agents involved in this deal will be granted an option to sell up to an additional 2.4 million shares at the same offer price to raise an additional C$3 million.
These additional agent shares are exercisable in full or in part up to 48 hours before the closing of the placement.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project towards becoming Canada’s next polymetallic mine.
Write to Maddison Elliott at Mining.com.au
Images: Power Metallic Mines
