05:42 PM EDT, 08/20/2024 (MT Newswires) -- O3 Mining ( OIIIF ) after trade Tuesday entered into an agreement with Canaccord Genuity on behalf of a syndicate of underwriters, to purchase 13.66 million units of the corporation, at a price of $1.10 per Unit $15.02 million.

Each Unit will consist of one common share of the corporation and one-half of one common share purchase warrant at a price of $1.45.

The corporation will grant the underwriters an option to purchase up to an additional 2.049 million units at a price of $1.10 per Underwriter Option Unit for additional gross proceeds of up to $2.25 million.

The net proceeds of the Offering will be used to advance the corporation's assets in Quebec, as well as for working capital and general corporate purposes.