TSX- and OTCQX-listed Anaconda Mining will increase the size of its nonbrokered private placement to raise $4.75-million.
The company now plans to issue up to 7.52-million flow-through units at a price of $0.35 and up to 7.85-million units at $0.27 a share.
It had previously planned to raise $3.5-million through the issue of 5.72-million flow-through units at $0.35 a unit and up to 5.56-million units at $0.27 a share.
Each flow-through unit will comprise one common Anaconda share and half of one common share purchase warrant, while each unit will comprise one common share and half of one share purchase warrant.
The funds raised through the issue of the flow-through units will primarily be used for exploration activities at Anaconda's Tilt Cove gold project, in Newfoundland, and at the high-grade Goldboro gold project, in Nova Scotia, while the funds raised through the unit portion of the offering will be used for exploration at Anaconda's existing mine operations and for general corporate purposes.