C3 Metals Inc. (TSX-V:CCCM) has announced a bought-deal private placement to raise C$15 million.
The company said the proceeds will be used to expand the drill program at its 100%-owned Jasperoide high-grade copper-gold skarn property in Peru and to undertake a maiden drill program at its Bellas Gate property in Jamaica. The money will also go toward general working capital and corporate purposes.
Under the offering, C3 Metals said it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity (TSX:CF, LSE:CF) Corp. who have agreed to purchase 78,947,400 common shares at C$0.19 each.
READ: C3 Metals reveals more encouraging assays from drilling at Jasperoide copper-gold project in Peru
The company has also granted the underwriters an option to cover over-allotments, which will allow them to purchase up to an additional 15,789,500 shares at the offering price for additional gross proceeds of up to C$3,000,005. The underwriters' option may be exercised in whole or in part at any time prior to the closing date of the offering.
The offering is expected to close on or about November 9, 2021, or another date as agreed between the company and the underwriters. The offering is also 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.
The company's flagship project is the Jasperoide high-grade copper-gold skarn and porphyry system in Peru. Drilling commenced in February 2021, returning high-grade copper-gold mineralization over significant thicknesses. The ongoing program has been expanded to test multiple geophysical targets.
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