ONTARIO – Toronto-based Wesdome Gold Mines
has closed a $17.27-million bought deal public offering of shares. The original offer was to raise $15 million, but when the over-allotment was exercised, a total of 10.5 million shares were sold at a price of $1.65 each.
Wesdome plans to use the bulk of the deal for mill expansion and associated infrastructure at its Eagle River gold mine, 50 km west of Wawa. The goal is to boost mill throughput to 980 t/d of ore from the Eagle River underground mine and the Mishi open pit. Since production began in 1995, the mill has produced more than 1 million oz of gold.
Readers can enjoy Wesdome’s March 2016 corporate presentation by going to www.Wesdome.com