The Vancouver-based company originally planned to raise $20 million, according to a release Monday afternoon, but announced the upsizing on Tuesday morning.
The bought deal is led by Cormark Securities Inc on behalf of a syndicate of underwriters, which will purchase 50 million units priced at $0.50 per unit.
Each unit consists of one share and one-half of one warrant exercisable at $0.70 for a two-year period following the offering’s close.
In addition, First Mining gave the underwriters an option to sell an additional 7.5 million units, which would net the company another $3.75 million and boost the financing’s total proceeds to $28.75 million.
Additional proceeds from the offering will go towards potential acquisitions, working capital and general corporate purposes, the firm said in a statement.
The offering is expected to close by August 26.
--Updated to include details of upsized financing--
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