US Antimony (UAMY) said Wednesday it entered into an agreement for an $18 million registered direct offering priced at $4.5 per share with an unnamed single institutional investor.

The offering is expected to close on or about Thursday, the company said.

The company said it plans to use the net proceeds for working capital, to acquire additional antimony inventory, to expand its existing leasehold in Alaska and for potential acquisitions and expansion of the Madero smelter in Mexico.

Shares were down more than 4% in recent premarket activity on Wednesday.