TORONTO –TMAC Resources says the underwriters have exercised their $20.1-million over-allotment option following the company's successful $135-million initial public offering. The IPO consisted of 22.5 million shares, and the over-allotment was another 3.35 million shares, all carrying a price of $6 per share.
Executive chairman Terry MacGibbon stated, "We are very pleased that, as a result of strong demand, we were able to upsize the IPO from $105,000,000 to $135,000,000. The underwriters have now substantially exercised their over-allotment option and the company received today additional gross proceeds of $20,100,000, bringing the total gross proceeds of the IPO to $155,100,000."
TMAC holds a 100% interest in the Hope Bay gold development project 65 km east of Bathurst Inlet, NU. The company plans to being gold production from the high grade, underground Doris deposit by the end of 2016. Proven and probable reserves at March 31, 2015, totaled 14.2 tonnes grading 7.7 g/t Au and containing more than 3.5 million oz of gold.
Please see TMACresources.com for additional information.