02:04 PM EDT, 05/02/2024 (MT Newswires) -- (Updates shares.)

F3 Uranium ( FUUFF ) said Thursday is upsizing its bought-deal private placement to raise C$9 million, up from its prior C$7.5-million target.

The company is selling underwriters 16.07 million flow-through units of the company at C$0.56 unit on a bought-deal basis.

Each FT unit consists of a tax-advantaged share and one half of a two-year warrant to buy a common shares for C$0.56..

The company granted the underwriters an over-allotment option of up to 1.8-million units at the offering price for potential to raise and additional of $1 million. .

The company plans to use the proceeds from the offering, which is expected to close on May 23, to fund exploration of the company's projects in Saskatchewan's Athabasca Basin.

The company's shares were last seen down C$0.01 to C$0.37 on the TSX Venture Exchange.

Price: 0.37, Change: -0.01, Percent Change: -2.63