Spanish Mountain Gold Ltd (TSX-V:SPA, OTC:SPAZF) said that it has upsized its previously announced private placement to C$6.5 million from C$5 million due to strong investor demand.
The revised offering includes the sale of up to 18,518,519 million units at C$0.135 per unit, 16,129,035 million flow-through units at C$0.155 each, and 7.5 million charity flow-through units at C$0.20 each.
Each unit includes one common share and one purchase warrant, allowing for the purchase of an additional share at C$0.18 within 24 months.
Flow-through units include a half-warrant for buying a share at C$0.23.
The funds raised will be allocated to general working capital, a new Preliminary Economic Assessment, and additional drilling on the company's flagship Spanish Mountain Gold Project in British Columbia.
Funds from flow-through shares will specifically go toward eligible Canadian exploration expenses, with benefits to be passed on to investors by the end of 2024.
Red Cloud Securities is acting as the sole agent for this offering, which is expected to close around November 13, 2024, pending standard approvals.