04:01 PM EDT, 10/07/2024 (MT Newswires) -- Global Atomic ( GLATF ) said Monday afternoon that it plans to offer and sell share units in an overnight marketed public offering.

The offering is set to be conducted under an underwriting agreement with Red Cloud Securities as the lead underwriter for a group of underwriters. Each unit will consist of a share and either a full or half purchase warrant, with each warrant allowing the purchase of a second share, the company said.

The offering will be conducted through a prospectus supplement to the company's short-form base shelf prospectus dated Nov. 21, 2023, in all provinces and territories of Canada, except Quebec. The underwriters will have the option to buy up to an additional 15% of the units sold within 30 days after the closing of the offering.

Proceeds from the offering will be used for the development of the Dasa Project in Niger, as well as for working capital and general corporate purposes. The offering is expected to close around Oct. 16, the company added.

The company's shares closed down $0.05 to $1.40 on the Toronto Stock Exchange.

Price: 1.40, Change: -0.05, Percent Change: -3.45