Canadian Mining Journal

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GOLD: Rubicon finds $100M for Phoenix development

ONTARIO – Ten days ago, Rubicon Minerals Corp. announced a $75-million gold stream agreement for its Rubicon gold mine near Red Lake. Today it has announced a $100-million bought deal financing with which to complete the project.



ONTARIO – Ten days ago, Rubicon Minerals Corp. announced a $75-million gold stream agreement for its Rubicon gold mine near Red Lake. Today it has announced a $100-million bought deal financing with which to complete the project.

Rubicon is issuing 64.6 million units at a price of $1.55 per unit for gross proceeds of $100.1 million. A syndicate of underwriters led by TD Securities and BMO Capital Markets has agreed to purchase them. An additional 9.7 million units may be issued. If the syndicate takes up the entire over-allotment, the deal will be worth $115.1 million.

Each unit consists of one Rubicon common share and one-half of a share purchase warrant. Each whole warrant will entitle the holder to purchase one additional share at a price of $2 within 12 months of the deal’s closing.

Information about construction progress at the Phoenix project is available at RubiconMinerals.com.