TORONTO – Oban Mining Corp. has issued 6.46 million flow-through common shares to Dundee Securities, raising slightly more than $10 million. The proceeds will be used for eligible Canadian exploration expenses.
The deal is expected to close on Oct. 1, 2015. Dundee has also been granted a 15% oversubscription option.
Oban recently acquired the high grade Windfall Lake gold deposit when it amalgamated with Eagle Hill Exploration, Ryan Gold, Corona Gold, and Temex Resources. The project is located 100 km east of Lebel-Sur-Quevillon in the Abitibi Greenstone Belt. The June 2015 preliminary economic assessment for Eagle Hill outlined an underground mine that would produce 106,200 oz of gold yearly for perhaps seven or eight years. More exploration and technical work is planned this year and next as the project advances toward pre-feasibility.
More information about the Windfall property is available in Oban’s corporate presentation posted at ObanMining.com.