05:20 PM EDT, 10/09/2024 (MT Newswires) -- Americas Gold and Silver ( USAS ) up 20% during market hours, after trade Wednesday said it is upsizing a bought-deal private placement of subscription receipts to $45 million from its original $40-million target ahead of its acquisition of the remaining 40% interest in the Galena Complex from an affiliate of Eric Sprott and Paul Andre Huet.

The company said it will now sell the underwriting syndicate 112.5-million receipts priced at $0.40. They have also been granted an over-allotment option of a further 12.5-million receipts

Each subscription receipt will convert into one common share upon meeting certain conditions, including completing the acquisition, and the proceeds will be held in escrow until these are met, the company said.

The company's shares closed up $0.085 to $0.52 on the Toronto Stock Exchange.