TORONTO (miningweekly.com) – Base metals-focused Trevali Mining has increased a bought-deal financing to $30.6-million.
The zinc producer had initially engaged Dundee Securities to lead a syndicate of underwriters to buy 19.61-million shares in the company to raise $20-million, but on Thursday announced that it had amended the agreement to allow for the acquisition of 30-million shares in the company.
The underwriters were also granted a 15% overallotment option, which would be exercisable at any time up to 30 days after the closing of the offering.
The offering was scheduled to close on or about June 11, subject to receiving all regulatory approvals.
Trevali said it intended to use the net proceeds of the offering to accelerate the ramp-up process and optimisation initiatives at the company's Caribou zinc mine, in the Bathurst Mining Camp of northern New Brunswick, during its commissioning, as well as for working capital and general corporate purposes.