C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) announced that it has increased the size of its previously announced bought deal private placement offering after receiving stronger-than-expected investor demand.
Under the amended terms, the company will issue 22,134,800 common shares at $1.10 per share, generating gross proceeds of $24,348,280.
The offering also includes an option for the underwriters to purchase up to 3,320,000 additional shares at the same price, potentially raising another $3,652,220 if exercised.
C3 Metals said it plans to use the net proceeds to fund exploration and development at its 100%-owned Khaleesi Copper-Gold project, and at its 50%-owned Super Block project, along with general working capital.
Paradigm Capital is acting as lead underwriter and sole bookrunner, with a syndicate of underwriters participating in the transaction. The company will pay a 6% cash commission on gross proceeds to the underwriters, subject to TSXV policies and applicable securities laws.
The offering is expected to close on or about February 11.