Marathon Gold (TSX: MOZ; US-OTC: MGDPF) has completed a bought deal financing raising $34.5 million that will be spent on permitting, development and exploration at its wholly owned Valentine gold project in Newfoundland.
The company issued 23 million units at a price of $1.50 each, with each unit consisting of one share plus a half warrant exercisable at $1.90 per share for a one-year period. The offering was conducted by a syndicate of underwriters co-led by Canaccord Genuity, Sprott Capital Partners and RBC Capital Markets, and included National Bank Financial, Desjardins Securities, Haywood Securities, Scotia Capital, Beacon Securities, and Laurentian Bank Securities.
In April, Marathon released the results of a feasibility study on the Valentine project, which outlined a 12-year open-pit mine, producing an average of 175,000 oz. gold annually in the first nine years of operation.
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