Orosur Mining (AIM:OMI), the TSX-V and AIM-listed gold explorer, has agreed terms with Red Cloud Securities to sell up to 43.75 million units at CUS$0.32 each, raising gross proceeds of up to C$14 million.
Turner Pope Investments and Greenwood Capital Partners will run the UK leg of the offering as joint brokers, placing units with institutional and other eligible investors.
Each unit comprises one common share and half a warrant, with each whole warrant exercisable at US$0.32 for up to 24 months after closing, starting 61 days post-completion. Orosur has also given the agent an option to sell a further 6.25 million units for up to an additional C$2 million, taking the maximum raise to C$16 million.
The company intends to use net proceeds mainly to advance the Anzá exploration project in Colombia, alongside general working capital.
Orosur said the dual TSX-V and AIM listing should help it reach a broader institutional base in Canada, the UK and other jurisdictions, and improve share liquidity.
Admission of the new shares to AIM is expected around 7 October.