03:51 PM EST, 02/04/2025 (MT Newswires) -- Dynacor Group ( DNGDF ) said Tuesday it filed a prospectus supplement for its offering of up to 5-million shares at $5.50 per share, for gross proceeds of up to $27.5 million.

The offering will be made through Canaccord Genuity as the sole agent, which has an option to sell up to 15% more shares than originally offered within 30 days after the closing date.

The securities will not be sold in the US, the company said, adding that the offering is subject to regulatory approvals, including from the Toronto Stock Exchange.

Dynacor ( DNGDF ) plans to use the funds primarily for constructing a new pilot processing plant and expanding its business in Senegal, along with other projects in Africa and Latin America, and for working capital. The offering is set to close on or around Thursday.

The company's shares were last seen down $0.02 to $5.56 on the Toronto Stock Exchange.

Price: 5.56, Change: -0.02, Percent Change: -0.36