ONTARIO – Rainy River Resources of Toronto has boosted the size of its public offering to $57.5 million, or 10.5 million common shares at a price of $5.50 each. The underwriters have also been granted an option to purchase up to 1.6 million more shares at the same price. The offering is scheduled to close on Dec. 3, 2012, and is subject to customary regulatory approvals.
The Rainy River gold project, 80 km south of Kenora, is at an advanced stage of exploration. The project is shaping up nicely with 1.18 million oz in the measured resource, 4.98 million oz in the indicated resource, and 2.28 million oz in the inferred resource. Expressed differently, Rainy River has 158.5 million measured and indicated tonnes grading 1.21 g/t Au and 93.8 million inferred tonnes grading 0.76 g/t Au. The company is currently conducting engineering and environmental baseline evaluations for a feasibility study.
For information on project geology and mineralization, the 43-101 technical report of February 2012 posted at RainyRiverResources.com.