C3 Metals Inc has closed the second tranche of its brokered private placement that raised more than $3 million.
The company issues 21,984,287 common shares at $0.14 per each.
All told, the C3 Metals issued 52,960,779 shares for gross proceeds of $7,414,509, including the exercise of the agents' over-allotment option.
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The net proceeds will be used to fund exploration at the company’s Jasperoide project in southern Peru, to actively undertake Phase 1 and 2 drilling campaigns, as well as for working capital and general corporate purposes.
All securities issued in connection with the offering are subject to a statutory hold period of 4 months and one day from the respective closing date of each tranche of the offering.
The offering is subject to the final acceptance of the TSX Venture Exchange.
As consideration for the services provided by the agents in connection with the offering, the company paid a cash commission and a corporate finance fee in the aggregate amount of $518,466 and (issued a total of 3,706,900 nontransferrable broker warrants.
Each broker warrant entitles the holder to purchase one share at an exercise price of $0.14 each until February 18, 2022.