08:58 AM EDT, 10/18/2024 (MT Newswires) -- Troilus Gold ( CHXMF ) said on Friday that it raised $28 million in a bought deal financing of units.

Under the offering, Troilus issued 57.15 million units priced at $0.35 each, 10.90 million traditional flow-through shares at $0.405 apiece, and 8.60 million Quebec flow-through shares at $0.42 each.

Each unit consists of one share and one-half of a warrant. Each whole warrant is exercisable at $0.45 per share for 24 months.

The company plans to use the proceeds to fund exploration and development at the Troilus gold project, and for working capital and general corporate purposes.

Troilus' share price rose 3.3% yesterday to $0.31 on the TSX.