08:23 AM EDT, 06/07/2024 (MT Newswires) -- Falco Resources ( FPRGF ) said on Friday that it will raise up to $5 million via a "best efforts" private placement.

The offering comprises units of the company at $0.23 apiece; and up to 3.6 million flow-through shares for up to $1 million.

Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will allow the holder to buy one common share at $0.35 at any time for 24 months after the closing date of the offering.

Each FT share will consist of one common share to be issued as a "flow-through share."

The agents have an option to sell up to an additional $1 million in securities, which if sold in full would bring the total gross proceeds to $6 million.

The company plans to use the proceeds to advance the Horne 5 Project in Quebec and for working capital and general corporate purposes. The proceeds from the sale of the FT shares will be used to fund exploration at the company's other properties.

The offering is expected to close by June 27.