Edgewater Exploration more than doubles size of private placement financing to $7.5m
Vancouver-based Edgewater Exploration (CVE:EDW) said Friday that it has more than doubled the size of its previously announced private placement financing to $7.5 million, due to investment interest.
Originally, the offering was supposed to be worth $3.0 million.
The non-brokered private placement will consist of up to 9.37 million units at a price of $0.80 each. Each unit will consist of one common share and one half of a share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share for $1.10 for a period of two years from the closing date.
Proceeds of the financing will be used to advance the company's Corcoesto gold project in northwest Spain and the Enchi property in Ghana, as well as for general working capital purposes.
The Canadian junior explorer said a finder's fee will be paid in connection with the completion of the offering, of up to 6.5% of the gross proceeds.
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