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Metalla Royalty & Streaming draws $6.8M gross after closing oversubscribed offering

In December, the group revealed it had closed the first tranche of its private placement and embarked on a second tranche

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Net proceeds will be used to finance royalty and stream acquisitions

Metalla Royalty & Streaming Ltd (CVE:MTA) says it closed a second tranche of its oversubscribed placing, raising a total of around $6.8 million gross.

On December 21, the group revealed it had closed the first tranche of its private placement, reaping gross proceeds of nearly $3.53 million, and increased the size of the offering.

READ: Metalla Royalty reaps $3.5M in first tranche of o versubscribed financing and increases offering size to $6.8M

Now it has sold a further 4,172,358 units at $0.78 for additional gross proceeds of around $3,254,439, the company said in a regulatory release on Friday.

Each unit consisted of one company share and one-half of a share purchase warrant. Each warrant entitles the holder to buy one company share for $1.17 for 24 months from the closing date of each tranche as applicable.

The net proceeds will be used to finance royalty and stream acquisitions, Metalla added.

The offering was led by Haywood Securities Inc, on behalf of a syndicate of agents, including PI Financial Corp and Canaccord Genuity Corp.

Shares in Toronto were unchanged at $0.81.

Contact Giles Gwinnett at [email protected]

Follow him on Twitter @Gile74

 

Quick facts: Metalla Royalty & Streaming Ltd

Price: 7.6 CAD

TSX-V:MTA
Market: TSX-V
Market Cap: $264.45 m
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