YUKON – Kaminak Gold Corp. Of Vancouver has closed a bought deal private placement worth $21 million with which to advance exploration and development of its Coffee gold project 130 km south of Dawson City. The company issued approximately 12.2 million common shares at a price of $0.90 per share plus almost 8.7 million flow-through shares at a price of $1.15 per share.
The shares are underwritten by Cormack Securities, Raymond James Ltd. and several other financing firms. The underwriters received a cash commission of up to 4.5% on the sales of the shares.
The Coffee open pit, heap leach gold project includes several zones with barista inspired names such as Macchiato, Cappuccino, Arabica, Americano, Espresso, Kona, Supremo, Latte, and Double Double. Together they have the potential to produce at least 1.86 million oz of gold over the life of the mine. The resource includes 14.0 million indicated tonnes grading 1.56 g/t Au for 719,000 oz (including 480,000 oz of gold classified as oxide), and of 79.0 million inferred tonnes grading 1.36 g/t Au for 3.4 million oz of gold (including 2.1 million oz of gold classified as oxide). The base case cut-off is 0.5 g/t Au for oxide and transitional material and 1.0 g/t Au cut-off for sulphide material according to the feasibility study.
Complete details are available at Kaminak.com.
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