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Errington Metals to Raise Up to C$25 Million in a Private Placement

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Errington Metals (EM.V) after trade Tuesday said it has entered into an agreement with Stifel Canada, acting on behalf of a syndicate of agents, to raise up to C$25 million through a best-efforts private placement.

The financing includes up to nearly 4.29-million shares priced at C$3.50 per share, raising C$15 million, and up to about 1.93-million flow-through shares priced at C$5.19 per share, raising about C$10 million.

The agents also have the option to sell up to an additional 15% of the offered securities on the same terms, provided the option is exercised up to 48 hours before closing, the company added.

Errington said proceeds from the common share offering will be used to continue exploration at its Sudbury Basin Complex and for general working capital.

The offering is set to close around Aug. 11, subject to certain conditions including the TSX Venture Exchange's approval, the company added.

The company's shares closed down C$0.18, or 4.8%, to C$3.58 on the TSX Venture Exchange.

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