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LONDON - Orosur Mining (LON:OMIN) Inc. (TSX-V/AIM:OMI), a South American-focused gold developer and explorer, has announced the successful closure of a brokered private placement, securing gross proceeds of C$6.0 million. The offering, which was fully subscribed, included an agent’s option that added an additional C$1.0 million to the original target.
The private placement resulted in the sale of 35,294,117 units at a price of C$0.17 each. Each unit is comprised of one common share and a half warrant, with each full warrant entitling the holder to purchase a further common share at C$0.25 until March 27, 2027.
Red Cloud Securities Inc. served as the exclusive agent and bookrunner for the offering. For their services, the agent received a cash commission of C$313,860 and 1,846,235 broker warrants, each exercisable at C$0.17 per common share until March 27, 2027. Additionally, Orosur paid an advisory fee of C$8,070 and issued 47,470 advisory warrants under the same terms as the broker warrants.
The offering was conducted in compliance with National Instrument 45-106 - Prospectus Exemptions, with the majority of the units, specifically 29,411,764, sold within Canadian jurisdictions under the listed issuer financing exemption. These units are immediately freely tradable under Canadian securities laws. The remaining 5,882,353 units were sold to international investors, including those in the United States under exemptions from the registration requirements of the U.S. Securities Act of 1933.
Investor demand exceeded the availability of units, preventing company directors from participating in the offering as initially planned.
Proceeds from the offering are earmarked for the advancement of Orosur’s Anzá exploration project in Colombia, alongside general working capital and corporate purposes.
The newly issued common shares are expected to commence trading on AIM around 8:00 am UK time on or around March 31, 2025. Post-offering, Orosur’s issued share capital will consist of 312,439,904 common shares. This figure includes 2,055,932 new common shares issued following the exercise of warrants from a block listing announced on January 8, 2025.
This news is based on a press release statement from Orosur Mining Inc.
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