Canadian Mining Journal

News

Bluestone Resources announces $80M financing deal



Bluestone Resources  (TSXV: BSR; US-OTC: BBSRF) is raising $80 million in a bought deal financing to advance its flagship Cerro Blanco gold project in Guatemala.

Under the agreement, a syndicate of underwriters led by Canaccord Genuity will purchase 45.72 million common shares in the company at $1.75 per share. The deal includes an over-allotment option to purchase up to an additional 6.86 million shares at the offer price, which would raise a further $12 million bringing total proceeds to $92 million.

“The deal went extremely well and was roundly supported by our shareholders,” Darren Klinck, the company’s president and director, said in a telephone interview. “This latest tranche of money will allow us to advance basic engineering at the project and to move into the optimization phase. We envisage that the offer will be closed in around ten days from now.”

Continue reading at www.NorthernMiner.com.