Shares of Canada's Integra Gold (CVE:ICG) rose over 4% on Thursday after the miner said it closed a C$16mln financing deal and also a C$2.56mln private placement with Eldorado Gold (TSE:ELD).
Integra said the bought deal offering of 31.95mln flow-through common shares, including partial exercise of the over-allotment option, was for gross proceeds of C$15.975mln.
The offering was led by Cormark Securities on behalf of a syndicate of underwriters including Paradigm Capital Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Beacon Securities Limited, Haywood Securities Inc. and Mackie Research Capital Corporation.
The proceeds will be used to incur Canadian exploration expenditures on the Company's Québec mineral claims and mining concessions.
Integra also announced a private placement with Eldorado Gold Corp whereby Eldorado has invested around C$2.56mln in Integra by way of a non-brokered private placement of common shares of Integra.
Under the terms of a share purchase agreement Eldorado purchased 8,111,895 common shares of Integra at a price of $0.315 per Eldorado Share.
The net proceeds received by Integra from the private placement will be used for continued exploration on the company's Lamaque Project and general working capital.
Following the close of the offering and the private placement Integra's cash position is approximately C$33mln.
Integra Gold shares were last seen up 4.1% at C$0.38, while shares of Eldorado Gold were up 15.6% at C$4.30.