Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) on Tuesday said it has increased the size of its previously announced private placement of common shares following strong investor demand.
The company will now seek to raise up to C$11 million, up from the earlier target of C$8 million.
The offering consists of up to 55 million common shares priced at C$0.20 each.
Red Cloud Securities and Velocity Capital Partners are acting as co-lead agents and joint bookrunners on behalf of a syndicate of agents.
The agents also have an option to place up to an additional 5 million shares at the same price, which could bring in up to another C$1 million in proceeds.
Excellon said it plans to use the net proceeds to advance development of the Mallay Mine in Peru, as well as for working capital and general corporate purposes.