04:50 PM EDT, 03/20/2024 (MT Newswires) -- Vior ( VIORF ) on Wednesday said it is seeking up to C$20 million from a private placement of share units, subscription receipts and flow-through units.

The company said an investment bank and its agents have agreed to sell the securities on a best efforts basis.

Share units and subscription receipts are offered for C$0.125 each, with the units made up of a share and one half of a two-year warrant to buy a second share for C$0.21. The subscription receipts can be converted into share units, while the flow-through units are made up of a tax-advantaged share and one-half of a two-year warrant to buy another flow-through share, though the price of the units were not disclosed.

The company expects to raise C$7 million from the sales of the share units and subscription receipts, while the sale of the flow-through units is expected to raise C$13 million.

Vior ( VIORF ) said it expects Osisko Mining (OSK.TO) will acquire all the subscription receipts on offer, with funds from the receipts and share units earmarked to fund exploration at its Belleterre Gold Project and for working capital.

Vior ( VIORF ) shares closed up C$0.005 to C$0.135 on the TSX Venture Exchange.