Giga Metals (GIGA) has announced an overnight marketed public offering for gross proceeds of up to $3.7 million.
Cantor Fitzgerald Canada Corporation will act as lead underwriter and sole bookrunner.
The company will issue 10,900,000 units priced at C$0.34 per unit. Each unit will include one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional share for $0.45 within three years of the closing date.
Giga will grant the underwriters an over-allotment option to purchase up to an additional 1,635,000 units for up to 30 days after the closing.
If the over-allotment option is fully exercised, the total gross proceeds will be approximately $4.3M.
Proceeds will be used for development and exploration expenses at the Turnagain Project in British Columbia.
The offering is expected to close on or about February 8, 2022, and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
Giga Metals Corporation is a Canadian-based mineral exploration company focused on metals critical to modern batteries. The company’s core asset is the Turnagain Project, located in northern British Columbia.
Shares of Giga Metals Corporation (GIGA) opened trading at C$0.43.