Pure Gold Mining Inc. said it has closed a previously announced bought deal offering of 21,905,200 company units priced at C$1.05 per unit for gross proceeds of C$23,000,460.
The offering also includes the full exercise of the underwriters’ over-allotment option for an additional 2,857,200 units. Each unit in the offering consists of one common share and one-half common share purchase warrant, entitling the holder to purchase one common share for C$1.36 until March 28, 2023.
The proceeds have been earmarked for the continued ramp-up of operations at the company's solely owned Pure Gold Mine Project in Red Lake, Ontario. Some of the work outlined will include underground drilling and the development of the high-grade 8 zone.
READ: Pure Gold Mining releases final short form prospectus to raise $20.04M
The offering is in accordance with an underwriting agreement dated September 14, 2021, between Pure Gold and a syndicate of underwriters led by National Bank Financial Inc, and including Clarus Securities Inc, Desjardins Securities Inc, Stifel Nicolaus Canada Inc, Haywood Securities Inc, PI Financial Corp and Sprott Capital Partners LP.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any US state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the US Securities Act and applicable US state securities laws.
PureGold is located in the very heart of Red Lake, Canada. Its objective is to develop a highly-profitable long-life gold mining company, becoming Canada’s next iconic gold producer.
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