It had announced a circa $41 million financing on Thursday, with a syndicate of underwriters led by BMO Capital Markets set to buy $10 million worth of shares priced at 69c, and a concurrent private placement of about $30.5 million to a Lundin Family-related trust and certain other investors.
On Friday it said the latter portion had been increased to the SEK equivalent of $40.5 million, with a family-related trust participating to the tune of about $20.5 million.
It said the proceeds would be used to continue to advance the Josemaria project, repay certain outstanding debentures and for general corporate purposes.
The company started assembling the senior leadership team responsible for construction this month, appointing experienced executives Phil Brumit and David Ogonowski who have both previously worked with Lundin.
"Welcoming Phil and Dave to our team to lead the design, engineering, construction and start-up of the Josemaria project is another significant milestone for the company as we continue to progress engineering studies, permitting and the negotiation of commercial terms with our host governments, in advance of construction," CEO Adam Lundin said at the time.
Josemaria would cost US$3.1 billion with a 3.8-year payback, according to a 2020 feasibility study, and produce an average annual 136,000 tonnes of copper, 231,000 ounces of gold and 1.16 million ounces of silver over 19 years.
The after-tax NPV8 was $1.53 billion and IRR 15.4%, using metal prices of $3/lb copper, $1,500/oz gold and $18/oz silver.
Josemaria shares (TSX: JOSE) have spanned C45-91c over the past year.
They closed down 4.11% to 70c on Friday to capitalise it at $212 million (US$168 million).
