ONTARIO and QUEBEC – Probe Metals of Toronto has increased its previously announced private placement to $13.38 million from $5.26 million. The offering will now consist of up to 8.38 million non-flow-through units priced at $0.95 each for proceeds of $7.97 million, and up to 3.62 million flow-through units priced at $1.50 for gross proceeds of up to $5.41 million.
Each unit consists of one Probe common share and one-half of one share purchase warrant. Each full warrant will entitle the holder to purchase one additional share of the company at a price of $1.75 per share for a period of 18 months after closing. Goldcorp, holder of a 15% interest in Probe, intends to exercise its participation right in the offering.
Probe plans to use the proceeds for exploration at its projects in Ontario and Quebec, as well as for general working capital purposes. Probe holds properties in the Val d’Or, Casa-Berardi and Detour Quebec areas of Quebec as well as the West Timmins area of Ontario.
Details of the flagship Val d’Or East project are posted at www.ProbeMetals.com.