08:20 AM EST, 12/11/2024 (MT Newswires) -- 1911 Gold ( AUMBF ) overnight Tuesday said it increased the size of its previously announced non-brokered private placement offering to $8.1 million.

The company added that the offering has been amended to include a combination of common shares that will qualify as "flow-through shares" issuable to residents of Manitoba at $0.239 per Manitoba FT share, common shares that will qualify as "flow-through shares" at $0.185 per National FT share, and common shares at $0.145 per common share.

1911 Gold ( AUMBF ) intends to use funds from the offering for exploration programs qualifying as "Canadian Exploration Expenses" and "flow-through mining expenditures" at the company's projects in Manitoba and to fund the ongoing review and optimization of the future underground mining operations as well as for general corporate purposes.

Closing of the offering is expected on or about Dec. 23.

The company's shares closed down $0.010 to $0.16 at last close on the TSX Venture Exchange.