The firm said previously the majority of the funds would be used for its share of the capital and operating costs at the Bracemac-McLeod mine in Quebec.
Under the amended terms, up to C$3mln will be raised through the sale of units at 5 cents a share compared to 10 Canadian cents previously, and up to C$1.5mln though units at 6 Canadian cents rather than 11.5 Canadian cents.
Agents Secutor Capital Management Corp, Marquest Capital Markets and Haywood Securities are acting as agents for the private placement.
Production at the Bracemac-McLeod project kicked off in the middle of May this year.
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