Orosur Mining Inc. (TSX-V/AIM:OMI) has closed an oversubscribed private placement raising up to C$14 million in gross proceeds, with an option for an additional C$2 million available through its agent.
The placement was priced at C$0.32 per unit, offering up to 43,750,000 units, with Red Cloud Securities Inc. acting as sole agent and bookrunner. Turner Pope Investments Ltd. and Greenwood Capital Partners Limited served as U.K. corporate brokers for the offering. Each unit comprises one common share and one-half of a common share purchase warrant. The warrants carry a US$0.32 exercise price and will be exercisable beginning 61 days after closing through the 24th month following the transaction's completion.
The agent holds an option to acquire up to an additional 6,250,000 units, exercisable up to 48 hours prior to the scheduled closing date. The transaction is expected to close on or around October 6, 2026.
Louis Castro, executive chairman, described the offering as oversubscribed amid difficult market conditions. He said the proceeds would be spent almost exclusively on drilling at the company's Anzá exploration project in Colombia, including at the El Cedro target—the project's most recent exploration focus.
Orosur stated the proceeds will provide general working capital through late 2027.
