NUNAVUT – TMAC Resources of Toronto has closed a $78 million equity financing, raising funds with which to advance its Hope Bay gold project 65 km east of Bathurst Inlet. The company issued 43.94 million common shares at a price of $1.75 each and 434,000 flow-through shares at a price of $2.00 each.
TMAC has outlined a 2014 program for the property that includes exploration, engineering, environmental permitting and compliance and the start of a pre-feasibility study (to be completed in 2015). The company also repaid a $15 million convertible loan plus interest owned to Newmont Mining.
Since acquiring the Hope Bay gold project in March 2013, TMAC has raised $110 million to test the property.
TMAC is not traded on any stock exchange. More information is available by calling president Terry MacGibbon at 416-520-3516.