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O3 Mining closes bought deal private placing, raising C$40.2M

O3 Mining is a mine developer and exploration project consolidator focused on Québec and Ontario

O3 Mining Inc -
The offering was led by Cormark Securities Inc, Sprott Capital Partners, and Canaccord Genuity Corp, as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters

O3 Mining Inc (CVE:OIII) has closed its previously-announced "bought deal" brokered private placing, raising around C$40.2 million gross, the firm said in a statement.

The offering was led by Cormark Securities Inc, Sprott Capital Partners, and Canaccord Genuity Corp, as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters.

READ: O3 Mining mobilizes second drill as part of 150,000 metre drill program in Val D’Or, Quebec

Issued were over 4.6 million flow-through (FT) units at C$4.30 each for total gross proceeds of approximately C$20 million, the resource group, which is focused on Québec and Ontario, said.

Around a further 8.59 million units at a price of C$2.35 each were issued for aggregate gross proceeds of around C$20.2 million, including the exercise in full of the underwriters' option and additional subscribers on the firm's president's list, it added.

Each FT unit consists of one share and one-half of a share purchase warrant. Each unit consists of one share and one-half of one warrant. Each warrant entitles the holder to  purchase one company share at an exercise price of C$3.25 for 24 months following closing. 

The gross proceeds from the sale of the FT units will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures", said the  company.

The net proceeds from the sale of the units will be used for working capital and general corporate purposes, it added.

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Quick facts: O3 Mining Inc

Price: 2.6 CAD

TSX-V:OIII
Market: TSX-V
Market Cap: $156.77 m
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