10:46 AM EDT, 10/01/2024 (MT Newswires) -- Red Pine Exploration ( RDEXF ) is edging up Tuesday as it closed a bought deal financing, raising $11 million in total, including the exercise in full of the underwriters' option.

According to a statement, the offering consisted of 33.336 million common shares at $0.09 per Non-FT share, near 28.6 million tranche 1 flow-through shares at $0.105 each, and near 39.7 million tranche 2 flow-through shares at $0.126 each.

The net proceeds from the sale of Non-FT Shares will be used by the company for general working capital and corporate purposes, and for exploration at the Wawa Gold Project in Ontario.

Alamos Gold ( AGI ) has exercised its right to maintain its pro rata ownership interest of Red Pine's common shares on a partially diluted basis, purchasing 13.76 million shares at $0.09 per share for a total purchase price of $1.24 million.