09:29 AM EDT, 08/21/2024 (MT Newswires) -- O3 Mining Inc. ( OIIIF ) moved Wednesday to increase the size of the previously announced 'bought deal' public offering of units of the corporation to raise gross process of $18.15 million, consisting of 16.5 million units at a price of $1.10 per unit. Tuesday, the company announced details of a $15 million financing.

Wednesday's statement noted each unit will consist of one common share of the corporation and one-half of one common share purchase warrant. Each Warrant will entitle the holder thereof to acquire one common share of the corporation at a price of $1.45 for a period of 24 months following the closing date.

O3 said it will grant the underwriters an option to purchase up to an additional 2,475,000 units to cover over-allotments, if any, and for market stabilization purposes at a price of $1.10 per underwriter option unit for additional gross proceeds of up to $2,722,500, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the close.

It added 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.