QC Copper and Gold Inc has upsized its current financing to $6.06 million due to what it terms “strong” investor demand.
The company announced earlier it was looking to raise around $4 million by way of a private placement of flow-through shares.
QC Copper and Gold will now offer 10.1 million shares that will qualify as "flow-through shares" at a price of $0.60 per flow-through share for gross proceeds of $6.06 million.
READ: QC Copper and Gold intends to enter into agreements to sell 7,142,856 Baselode Energy common shares to arms-length parties
Agents Cormark Securities Inc and a syndicate of underwriters will retain the option to arrange the sale of an additional 1,515,000 flow-through shares at the issue price.
QC Copper's Opemiska project is located adjacent to Chapais, Quebec, within the Chibougamau district. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource projects.
The Opemiska property covers 12,782 hectares and covers the past-producing Springer, Perry, Robitaille and Cooke mines, previously owned and operated by Falconbridge between 1953-1991.
It also hosts on-site infrastructure, including a power station and direct access to Highway 113 and the Canadian National Railway (NYSE:CNI).
The offering is expected to close by October 27.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas