The company said it has received initial commitments from Quebec institutional funds as part of a non-brokered private placement of up to 5.31 million units of Probe at a price of C$1.75 per unit for aggregate gross proceeds of up to C$9.3 million.

Along with one common share, the units also consists of one-half share purchase warrant that can be used to acquire a share of the company at a price of C$2.4 for a two year period following the closing date.

Probe's assets include its flagship Val-d'Or East project and a land package of about 1,500-square-kilometres of exploration ground.

Probe's share price was C$1.82 on May 30, having risen 1% day on day. The company has a market capitalization of C$264.64 million.