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Errington Metals Upsizes a Private Placement Offering to C$30 Million

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Errington Metals (EM.V) on Wednesday said it is upsizing a private placement offering of shares and flow-through shares to raise up to C$30 million, from the previous target of C$25 million.

Errington will now issue up to 5.7-million shares at C$3.50 each for C$20 million in proceeds, and up to 1.93-million flow-through shares at C$5.19 each for proceeds of up to C$10 million.

The underwriters have also been granted a 15% over-allotment option.

The offering is expected to close on Aug. 11.

Errington is advancing its Sudbury Basin Project in Ontario with a 45,000-meter drill program to support an initial mineral resource estimate and test regional targets.

Errington shares were last seen up C$0.06, or 1.7%, to C$3.64 on the TSX Venture Exchange.

Price: $3.64, Change: $+0.06, Percent Change: +1.68%

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