C3 Metals Inc (TSX-V:CCCM, OTC:CARCF) announced that it has increased its previously announced non-brokered private placement from $7 million to $8,050,000 due to strong investor demand.
Proceeds from the offering will be used primarily to continue the company’s exploration in Jamaica, for exploration and property costs for the Jasperoide, Peru project, and for working capital and general corporate purposes.
"The exceptional support from key existing and new investors places us in a strong position to advance exploration drilling at our Jamaican projects where we remain active with two drill rigs," C3 Metals CEO Dan Symons said in a statement.
"Drilling continues to test both lateral and depth extensions of copper-gold mineralization at multiple target areas within the porphyry and epithermal belts in Jamaica. Additional drill results are anticipated in the coming weeks."
As announced by the company on November 1, C3 Metals had arranged a fully subscribed non-brokered private placement of 100 million shares for $0.07 per share for gross proceeds of $7 million.
Upon upsizing the offering, the company will now issue up to 115 million shares at $0.07 per share for gross proceeds of up to $8,050,000.
The placement is expected to close on November 15, 2023, pending customary corporate and regulatory approvals.
C3 Metals is a mineral exploration company focused on creating substantive value for its shareholders through the discovery and development of large copper and gold deposits.
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