NUNAVUT – TMAC Resources of Toronto is raising money to advance development of its Hope Bay gold project 65 km east of Bathurst Inlet. The company has completed a private placement of 23.44 million common shares at a price of $1.75 plus 1.55 million flow-through shares priced at $2.00 for gross proceeds of $44.13 million.
TMAC will use the net proceeds to advance the Hope Bay project. This year’s work program includes the on-going pre-feasibility study plus exploration, engineering, development and community relations activities. Production could begin as early as 2016.
TMAC is a private company headed by Terry MacGibbon. He may be reached at 416-520-3516.