Orosur Mining took a 15% hit on Wednesday, its shares dropping to 16.92p, after the gold explorer went cap in hand to investors at a price that left little room for enthusiasm.
The company wants to sell up to 43.75 million units at C$0.32 apiece, roughly 17p, to raise as much as C$14 million.
That price tag sits around 15% below Tuesday's closing level of 20p, which is never a great look on the day a placing lands.
Each unit bundles in a common share plus half a warrant, and a full warrant lets the holder buy yet another share down the line, so there's a bit of dilution-in-waiting baked into the structure too.
There's also an upsize option: another 6.25 million units could bring in a further C$2 million, pushing the total haul to C$16 million if fully subscribed.
Worth noting, though: this is a "best efforts" raise, not underwritten, so nobody's guaranteeing the full amount actually lands.
The money is earmarked chiefly for the Anzá gold project in Colombia, Orosur's flagship exploration play, alongside working capital and general corporate needs.
Assuming the paperwork clears, the deal is pencilled in to close around 6 October, with the new shares expected to start trading on AIM the following day.
