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.
Sponsored · Emerita Resources Corp.
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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