SSP:CA announced that it has increased its recent private placement by $5.04 million. The offering will now include an additional 1,923,077 common shares, at $2.60 per, for a total of 17,323,077 common shares for gross proceeds of $45,040,000.
Sandspring has granted to the underwriters an over-allotment option to purchase an additional 2,310,000 common shares for additional gross proceeds up to $6,006,000. Sandspring intends to use the proceeds to fund exploration and development of the its Toroparu deposit, Guyana, and for general corporate purposes. The offering is scheduled to close on or about October 14.
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by Ted Niles