Telson Mining Corporation (CVE:TSN) (OTCMKTS:SOHFF) said Thursday that it is increasing the maximum amount to be raised in a non-brokered private placement to $1.4 million to boost working capital and advance the company's Tahuehueto gold mining project, in north-western Durango state, in Mexico.
The Canadian junior resource group focused on developing mines in Mexico said it plans to conduct a non-brokered private placement of up to 14 million units at a price of $0.10 per unit for total proceeds of up to $1.4 million.
Each unit will consist of one share and one half of a transferable share purchase warrant. Each whole warrant will entitle the holder to acquiring an additional share for a period of two years at an exercise price of $0.15 per share. The placement will close after getting the necessary regulatory approvals, said the company.
Telson Mining is a Canadian mining company with two Mexican gold, silver, and base metal mining projects.
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