Torex Gold Resources Inc. said Feb. 7 that it raised C$61.7 million for working capital during the restart and ramp-up of its El Limon-Guajes mine complex in Mexico.
The company originally sought to raise C$55 million. The total increased due to the partial exercise of the overallotment option by the syndicate of underwriters led by BMO Capital Markets.
Torex Gold is recalling additional employees to work, and the return of the full workforce is anticipated by the end of February. The construction of the sulfidization, acidification, recycling and thickening plant is ramping up, and the plant is expected to be fully operational by mid-2018.
The company had US$64 million in cash reserves before the close of the offering, with US$14 million set aside for its reclamation obligations.
