10:22 AM EDT, 07/17/2024 (MT Newswires) -- Montage Gold ( MAUTF ) was edging higher and closer to 52 week highs on Wednesday after it upsized its previously announced private placement to $180 million from $170 million while noting that the oversubscribed book has closed.

As part of the offering, Trusts controlled by the Lundin family will increase their stake in Montage to 19.9% from 17.7%. Zijin Mining also agreed to subscribe and it will own a 9.9% shareholding in Montage.

Montage said it plans to use the proceeds to develop the Kone project in Cote d'Ivoire, as well as for exploration, working capital and general corporate purposes.

The offering is expected to close during the week of Aug. 12.

Montage was trading 0.56% higher at last look to $1.81 on the TSXV.

Price: 1.81, Change: +0.01, Percent Change: +0.56