1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF, FRA:2KY) has entered into an agreement with Haywood Securities for a bought deal financing worth $20 million.
The Manitoba-focused gold explorer will issue units priced at $0.64 each, Canadian development expense flow-through units at $0.793 each, and Canadian exploration expense flow-through units at prices ranging from $0.752 to $1.011.
Each unit consists of one common share and one half-warrant, with full warrants exercisable at $1 per share for 24 months from closing.
The company has also granted underwriters a 30-day over-allotment option for up to 15% of the offering in any combination of the securities on offer.
Proceeds will fund exploration and development activities on 1911 Gold's True North Gold Project, technical studies and working capital.
The offering is expected to close by July 14.