Mawson Resources Limited (TSE:MAW) (OTCPINK:MWSNF) announced a public offering of units Thursday, proceeds of which will be used for exploration and development at the company’s Finland and Australia projects.
Each unit will be offered at a price of C$0.35 per unit, comprised of one share and one-half of one warrant exercisable at C$0.45 for a two-year period.
The total size of the offering will be determined in the context of the market, Mawson told shareholders.
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The Vancouver-based company said it plans to grant the agents a 30-day option to buy additional units equal to 15% of the units sold in the offering to cover over-allotments.
Red Cloud Securities Inc and Sprott Capital Partners LP are the co-lead agents for the offering.
In addition, Mawson is planning a non-brokered private placement of units under the same terms of the offering, which may close after the offering in one or more tranches. The units sold as part of the private placement will not qualify under the prospectus and agents will not receive a fee in connection with the financing.
Shares of Mawson lost 13.4% in Toronto at C$0.36 on Thursday morning.
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