Empress Royalty Corp. (CVE:EMPR) said Wednesday that it has upsized its previously announced "bought deal" offering of units to raise gross proceeds of C$15 million, up from C$12 million.
The company said Red Cloud Securities and Canaccord Genuity, as co-lead underwriters on behalf of a syndicate, will now purchase for resale 30 million units of the company, up from 24 million previously, at an unchanged price of C$0.50 each.
Each unit shall be comprised of one common share in the company and one half of one common share purchase warrant. Each warrant will be exercisable into one common share at a price of C$0.75 at any time on or before the date which is 24 months after the closing date of the offering.
The net proceeds from the offering will be used for acquisitions and general corporate purposes, Empress Royalty said
READ: Empress Royalty closes in on deal to acquire silver stream on Tahuehueto project in Mexico
The company said it has also amended the over-allotment option granted to the underwriters and exercisable at any time up to 30 days from and including the closing date, to purchase for resale up to 4.5 million additional units at the offering price to raise additional gross proceeds of up to C$2.25 million. Previously the option was for 3,600,000 units at the offering price to raise additional gross proceeds of up to C$1.80 million
The offered shares will be offered pursuant to a base shelf prospectus dated February 4, 2021, and a prospectus supplement to be filed in all provinces of Canada with the exception of Quebec. The offering is scheduled to close on or about March 25, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.
Empress is a new precious metals royalty and streaming company focused on the creation of unique financing solutions for mining companies. It has a portfolio of 15 investments and is actively focused on finding industry partners with development and production stage projects who require additional non-dilutive capital.
The company has strategic partnerships with Endeavour Financial in London, Terra Capital in Australia and Accendo Banco in Mexico which allow it to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets.
Contact the author at jon.hopkins@proactiveinvestors.com