Karora Resources Inc. (TSX:KRR) (OTC:KRRGF) amended the terms of its previously announced bought deal financing to increase the size of the offering to C$60 million.
Under the terms of the Upsized Offering, underwriters have agreed to purchase, on a bought deal basis, 12.5 million common shares for C$4.80/common share.
Karora granted the underwriters an option to purchase up to 15% of the number of common shares sold under the offering.
The company intends to use the net proceeds to fund a portion of the cash consideration due at the closing of the Lakewood Mill acquisition, advancement of the nickel exploration and development program at Beta Hunt, and working capital and general corporate purposes.
The offering is scheduled to close on June 15, 2022.
Price Action: KRR shares are trading lower by 5.84% at C$4.84 on TSX, and KRRGF is lower by 4.99% at $3.81 on the last check Wednesday.
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