Blue Moon Metals (MOON.V, BMM) on Wednesday said, further to its investor rights agreement, strategic partner Hartree Partners issued a notice of its intention to exercise its "top-up right" to restore its stake in the company diluted by previous share financings.
Subject to exchange approval, Hartree will buy 526,617 shares priced at $9.06 each, raising $4.8 million for Blue Moon.
Proceeds will be used for project development at the company's brownfield polymetallic projects, as well as for general corporate purposes.
Shares of the company closed up $0.30 to $10.95 on the TSX Venture Exchange.
Price: $10.94, Change: $+0.29, Percent Change: +2.72%