EDM Resources Inc (TSX-V:EDM, OTC:SWNLF) has increased to its ongoing private placement due to robust investor interest, it said in a statement.
The company will now offer up to 13.6 million units at C$0.11 per unit, aiming to raise gross proceeds of up to C$1.5 million.
Each unit will consist of one common share and one share purchase warrant. The warrant will allow investors to buy an additional common share at C$0.14 within 36 months.
If EDM’s shares trade at or above a volume-weighted average of C$0.30 for 10 consecutive trading days during the warrant period, the company has the option to accelerate the expiry of the warrants to 30 days.
Proceeds from the offering will be used to advance environmental and permitting work at the Scotia Mine, as well as for general corporate purposes.
The placement will close in two tranches, with the first expected on October 17 and the second on October 25.