Canadian Mining Journal

News

GOLD: Pure Gold raises $12M for exploration



The portal and ramp entrance of the former Madsen mine that produced 2.4 million oz. of gold. (Credit: Pure Gold Mining)

VANCOUVER – Pure Gold Mining has arranged a $12-million bought deal private placement of flow-through and common shares. The financing was arranged with Macquarie Capital Markets Canada on behalf of a syndicate of underwriters.

The offering consists of three tranches. The first will be 5.5 million flow-through shares at a price of $0.75 per share. The second tranche will consist of 4.79 million flow-through shares at a price of $0.64 each. And for the third tranche, Pure Gold will issue 9.6 million common shares at a price of $0.52 per share. The underwriters have been granted an overallotment option of up to 1.4 million, 1.2 million, and 2.4 million shares per tranche, respectively.

Pure Gold’s flagship property is the former Madsen gold mine 16 km west of Red Lake, Ont. A preliminary economic assessment was completed this year. Details are available at www.PureGoldMining.ca.