C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) said on Wednesday it has entered into a bought deal private placement agreement with Paradigm Capital Inc. and a syndicate of underwriters to raise up to C$20 million.
Proceeds from the offering will be used for exploration and development at its wholly owned Khaleesi copper-gold project, its 50%-owned Super Block project, and for general working capital, the company said in a statement.
Under the terms of the agreement, the underwriters have agreed to purchase 18.18 million common shares at C$1.10 per share. The company has also granted the underwriters an option to purchase up to an additional 2.73 million shares, potentially increasing gross proceeds by C$3 million. Paradigm Capital will act as sole bookrunner for the offering.
The offering is expected to close by February 11.