Collective Mining (CNL) said Friday it has increased the size of its bought deal financing to 7 million shares at $5 Canadian dollars per share for gross proceeds of CA$35 million ($25.2 million).

Underwriters have been given an option to buy up to an additional 1.05 million shares for a 30-day period from the closing date of the offering, the company said.

If the over-allotment option is exercised in full, the gross proceeds of the offering will be about CA$40 million, Collective said, adding the offering is expected to close on or about Oct. 31.

Net proceeds will be used to fund work programs to advance the Guayabales project, as well as for other exploration and development projects, and for working capital and general corporate purposes, the company said.

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