Almonty Industries (ALM) said Tuesday it priced a public offering of 18 million common shares in the US at $6.25 apiece for gross proceeds of $112.5 million.

The offering was upsized from a previously planned 15 million shares.

Underwriters have a 30-day overallotment option to buy up to 2.7 million additional shares.

The offering is expected to close by Wednesday, with the net proceeds to go toward expansion, exploration and development work, among other things, the company said.

Almonty Industries shares were down nearly 14% in recent premarket activity.