Zodiac Gold (TSX-V:ZAU) has increased its non-brokered private placement to C$5.6 million ($5.66 million).
The company originally announced a $4.03 million offering on 4 June, increased it to $5 million on 9 June, and now plans to raise up to $5.6 million through the issuance of up to 17.14 million units priced at $0.35 each.
Each unit comprises one common share and half a warrant, with whole warrants exercisable at $0.54 for 24 months from issuance.
The warrants include an acceleration feature, whereby if the 30-day volume weighted average share price exceeds $0.65 after four months, holders receive 30 days’ notice to exercise before expiry.
Zodiac Gold intends to use the funds to expand drilling at the Todi Gold Project in Liberia, advance exploration across its licences, and for working capital.
The company anticipates closing the placement on or about 19 June, subject to regulatory approvals and customary conditions.
Directors and officers may participate in the offering, constituting a related party transaction under multilateral instrument 61-101.
Zodiac Gold is focused on its flagship Todi Gold Project, which spans 2,316 km² along the Todi shear zone in Liberia.
Write to Paula Fabe at Mining.com.au
Images: Zodiac Gold
