-- DLP Resources (DLP.V) shares were last seen down 16% after the company on Thursday said it will raise up to $5 million in a "best efforts" private placement of share units.
The company is placing up to 20-million units priced at $0.25 apiece and made up of a share and a three-year warrant to buy a share for $0.35. It is also granted it agent a four-million unit over-allotment option.
Proceeds will be used for the advancement of its Aurora Cu-Mo-Ag project in southwest Peru, the exploration of its Esperanza Cu-Mo project in southern Peru, as well as for general working capital and corporate needs.
The offering is anticipated to close on May 21.
Shares of the company were last seen down $0.045 at $0.235 on the TSX Venture Exchange.
Price: $0.24, Change: $-0.05, Percent Change: -16.07%