Canadian junior explorer Edgewater Exploration (CVE:EDW) said Monday that it has for the second time increased the size of its private placement financing to $11 million, up from $7.5 million, due to additional investment interest.
Initially, the offering was set at $3 million. On Friday, however, the company raised its non-brokered private placement financing to $7.5 million.
The offering will consist of the company issuing up to 13.75 million units at a price of $0.80 each. Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant giving the holder the right to buy an additional common share for $1.10 for a period of two years from the closing date.
The proceeds of the financing will be used to advance the company's Corcoesto gold project in Spain, and the Enchi gold project in Ghana, as well as for general working capital purposes.
A finder's fee will be paid in conjunction with the completion of the offering of up to 6.5% of the gross proceeds. The private placement is subject to TSX Venture Exchange approval.