North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Pebble Partnership copper gold molybdenum mine project Alaska Northern Dynasty NAK NDM

TMAC raises C$60 million to advance Hope Bay gold project

 

Last updated 7/24/2016 at Noon



TMAC Resources Inc. and Resource Capital Fund VI L.P. July 19 reported the closing of an C$80 million financing that involved issuing 3,975,000 TMAC shares and 1,325,000 Resource Capital shares at C$15.10 per common share.

TMAC received roughly C$60 million of the gross proceeds and about C$20 million went to Resource Capital.

The net proceeds of the offering to TMAC will be used to advance development of its Hope Bay gold project in Nunavut, specifically for exploration and development of the BTD Zone at Doris, and for general corporate purposes.

As part of the offering, Newmont Mining Corp. purchased 1,159,000 shares.

RCF and Newmont now hold 30.9 percent and 29.2 percent, respectively, on a non-diluted basis, of the 82,981,932 TMAC common shares issued and outstanding.

 

Reader Comments
(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2019

Rendered 07/08/2019 00:56