GOLD: Rubicon closes over-allotment, raises $115M

ONTARIO – Rubicon Minerals Corp. of Vancouver has closed a $115 million bought deal financing announced last month. Including the over-allotment, the company issued 74.29 million units at a price of $1.55 each.

Each warrant entitles the holder to acquire one and one-half common shares at a price of $2.00 per share until March 212, 2015, subject to certain circumstances.

Rubicon is using the net proceeds to advance development at its Phoenix gold mine in Red Lake. Pre-production capital expenditures are estimated at $225 million to build an underground mine and 1,250 t/d mineral processing plant. Diluted head grades are projected to be 8.1 g/t Au for annual production of 165,300 oz over the life of the mine.

The latest corporate presentation is available at RubiconMinerals.com, as are some spectacular pictures of visible gold from the project.