Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) has increased its previously announced private placement offering from C$25 million to C$30 million, citing strong investor demand.
Under the upsized offering, the company will sell up to 24 million common shares at C$1.25 per share, with Red Cloud Securities continuing as lead agent and sole bookrunner for the syndicate of agents.
The agents retain an option to sell up to an additional 2.4 million shares at the same price, exercisable up to 48 hours before closing, which could bring total gross proceeds to C$33 million.
Net proceeds will be directed toward advancing the company's NISK Project in Quebec and its Jabul Baudan exploration license in Saudi Arabia, along with general working capital and corporate purposes.
The offering is expected to close by June 10.