Brazil Resources Inc. Feb. 29 said it has increased a previously announced C$2 million private placement financing to C$3.7 million, or 8,222,222 common shares at C45 cents per share.

The company has already closed an initial C$3.4-million initial tranche of this financing, issuing 7,540,050 shares at C45 cents per share.

Brazil Resources intends to use the net proceeds from the financing to...