09:38 AM EDT, 04/02/2024 (MT Newswires) -- Meridian Mining UK S (MNO.TO) said Tuesday that it has upsized its bought deal public offering of common shares.

Under the amended terms of the offer, Beacon Securities Ltd. and BMO Capital Markets, on behalf of a syndicate of underwriters, have agreed to buy, on a bought deal basis, 50 million offered shares at $0.35 apiece for gross proceeds of $17.5 million.

The company has granted the underwriters an option to buy up to an additional number of offered shares equal to 15% of the number of offered shares sold under the offering to cover any overallotments and for market stabilization purposes.

Meridian Mining plans to use the net proceeds to advance the Cabacal project, including for a pre-feasibility study, resource delineation drilling, and continued exploration on the property, working capital, and general corporate purposes.

The offering is expected to close by April 9.

Price: 0.35, Change: -0.05, Percent Change: -11.39