ONTARIO – Rubicon Minerals of Vancouver is raising $200 million in a bought deal financing, the bulk of which will be used to develop its Phoenix gold project near Red Lake. A syndicate of investors has agreed to purchase 49 million common shares of Rubicon at a price of $4.10 per share.
Should the underwriters exercise their over allotment options, the gross value of the deal would rise to $231 million.
The Phoenix deposit is being readied for production from a 1,250 t/d underground mine. The gravity and carbon-in-leach mill will handle an expected head grade is 13.87 g/t Au, sufficient to produce 2.0 million oz over a 12-year period.
Details are available in the December 2011 presentation at RubiconMinerals.com.