Green Battery Minerals Inc. (TSX-V:GEM) has increased the size of its previously announced non-brokered private placement from $525,000 to more than $2 million.
In early November, the company disclosed that it would issue up to 3.5 million flow-through units (FL Units) at $0.15 each for gross proceeds of $525,000.
But due to increased demand, the company announced it has increased the number of FL Units up to 13.5 million for gross proceeds of up to $2,025,000.
READ: Green Battery Minerals is poised for more drilling at Berkwood graphite project; set to raise up to C$525,000
Each FL Unit will consist of one common share issued on a flow-through basis in accordance with the Income Tax Act (Canada) and one half of one share purchase warrant, with each warrant entitling the holder to purchase one (non-flow-through) common share (Warrant Share) at $0.20 each for 24 months following issuance.
The proceeds from the offering are expected to be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, which will be renounced to the subscribers with an effective date no later than December 31, 2021, to the initial purchasers of the FL Units.
Green Battery said the net proceeds will be used for costs associated with the continued exploration/drill program and reports for a planned preliminary economic assessment (PEA) for the Berkwood Graphite project in Quebec.
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