NEWFOUNDLAND – Toronto-based Canada Fluorspar is raising $40 million by way of a private placement with Dundee Securities. Provision has been made for a 15% over-allotment.
Canada Fluorspar will use the money to restart production at the St. Lawrence fluorspar mine on the southern tip of the Burin Peninsula. Work that must be done includes underground redevelopment of the previously mined Tarefare and Blue Beach North veins, upgrades to the existing mill, design and construction of a new tailings management area, and design and construction of a new marine terminal in the harbour.
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