05:08 PM EDT, 07/15/2024 (MT Newswires) -- Rupert Resources ( RUPRF ) on Monday said it is raising $29.31 million in a bought-deal share offering and concurrent private placement.

The company said it will raise $20 million in the sale of 5.59-million shares priced at $3.58 to an underwriting syndicate. which is also being offered 15% over-allotment option.

It is raising a further $9.31 million in a private placement of 2.6-million shares with the same terms.

"The net proceeds of the offering and the private placement will be used for on-going exploration expenditures, technical and environmental studies on the company's properties in Finland and for general corporate purposes," the company said.

Rupert shares closed down $0.07 to $3.82 on the Toronto Stock Exchange.