Campbell Resources (TSE) has agreed to sell between 12 million and 18 million units at US$1.25 each.
A unit will consist of one common share and a half-share purchase warrant. A full purchase warrant will entitle the holder to buy one Campbell common share at US$1.50 for a 3-year period.
The financing, which could raise as much as US$22.5 million, is subject to regulatory approval and is expected to close on or before Feb. 21.
Proceeds, together with cash reserves of US$24 million, will be used to acquire the Cerro Quema gold property in Panama and cover various expenditures at the Joe Mann and Santa Gertrudis mines.
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