Collective Mining (CNL) said Thursday that it increased the size of its previously announced bought deal offering to 6.6 million common shares from 5.27 million shares at 19 Canadian dollars ($13.62) per share for total proceeds of about CA$125 million.

The company said it has granted the underwriters a 30-day option to purchase up to 990,000 additional common shares.

Collective Mining said it expects to close the offering on or about Oct. 8, with the net proceeds to be used to advance its Guayabales project, for other exploration and development opportunities, and for working capital.

Shares of Collective Mining were down more than 7% in recent Thursday trading.

Price: 13.60, Change: -1.15, Percent Change: -7.80