Minerals explorer and developer Orosur Mining Inc (AIM:OMI, TSX-V:OMI) shares fell 15% to 16.92p after it announced a private placement priced below the previous closing share price.
The company plans to sell up to 43.75 million units at C$0.32 each, approximately 17p, to raise gross proceeds of up to C$14 million.
That unit price is about 15% below the previous share price close of 20p. Each unit comprises one common share and half a share purchase warrant.
A whole warrant gives the holder the right to buy another share at a set price, creating scope for further share issuance.
Orosur intends to use the net proceeds primarily for its Anzá gold exploration project in Colombia, along with working capital and general corporate purposes.
An option to sell another 6.25 million units could add C$2 million, taking the maximum potential fundraising to C$16 million.
The base offering is on a 'best efforts' basis, so the amount raised is not guaranteed. The UK placing is explicitly not underwritten.
The offering is scheduled to close around 6 October 2026, subject to approvals, with the new shares expected to begin trading on AIM around 7 October.
