Mogotes Metals upsizes private placement to C$23 million

Mogotes Metals Inc. (TSXV: MOG) announced it has increased its non-brokered private placement to up to 86,792,452 units at C$0.265 per unit for gross proceeds of up to C$23 million, citing investor demand.

Each unit comprises one common share and one-half of one common share purchase warrant. The warrants allow holders to acquire one common share at C$0.53 per share for three years from the offering's closing date.

The company plans to use proceeds for general corporate and working capital purposes and intends to give existing shareholders priority participation in the private placement.

Securities issued in Canada and the United States will be subject to a four-month-plus-one-day hold period from issuance. Securities issued in other jurisdictions under Ontario Securities Commission Rule 72-503 will not be subject to statutory hold periods under Canadian securities laws.

The offering requires regulatory approvals, including approval from the TSX Venture Exchange. Mogotes also trades on the Frankfurt Stock Exchange (FSE: OY4) and OTCQB (OTCQB: MOGMF).

Mogotes is a mineral exploration company focused on copper and gold projects in Argentina and Chile's Vicuña district. The company's flagship Filo Sur project is adjacent to the Filo del Sol copper-gold-silver discovery.

The information is based on a company press release statement.

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