TORONTO – Rubicon Minerals Corp. has raised $12 million by issuing flow-through shares. The 7.06 million shares were priced at $1.70 per shares. The offering was conducted by a syndicate of underwriters co-led by TD Securities and BMO Capital Markets.
Rubicon will spend the proceeds on eligible Canadian exploration expenses. The company’s Phoenix gold project near Red Lake, ON, is in development for production in mid-2015 at a rate of 1,250 t/d. The deposit contains 4.12 million indicated tonnes grading 8.52 g/t Au at a cut-off grade of 0.4 g/t. It contains 1.13 million oz of gold. Inferred resources total 7.45 million tonnes grading 9.26 g/t Au and contain 2.22 million oz of gold.
Rubicon also controls more than 250 km2 of additional ground in the Red Lake district and considers it to be a prime area for more exploration.
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