Open pit blast at the Eagle mine Credit: Victoria Gold
TORONTO – As it ramps up the Eagle gold mine in the Yukon, Victoria Gold has announced a $5 million flow-through financing, intending to issue 572,659 flow-through shares at $8.73 each. It has the option, exerciseable until closing, of issuing an additional 114,532 shares for proceeds of $1 million. Closing is expected around Feb. 25 with the securities issued subject to a four-month hold.
The shares issued will be Canadian development expense flow-through shares, with gross proceeds used for qualifying Canadian development expenses.
Based on the results of an updated technical report for Eagle released in December, the mine is expected to produce an average of 220,000 oz. annually at all-in sustaining costs of US$774 per oz. Victoria’s latest guidance is for a commercial production announcement in the second quarter of the year.
For more information, visit www.VitGoldCorp.com.