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Rubicon Minerals raising up to C$12M for Phoenix gold exploration, development

Rubicon Minerals Corp. outlined plans to raise up to C$12 million for exploration and development at its Phoenix gold project in Ontario, as well as for working capital and general corporate purposes.

The company said Sept. 20 that it entered an agreement with a syndicate of agents led by Cormark Securities Inc. for a fully marketed private placement of common shares priced at C$1 apiece, targeting at least C$8 million and up to C$12 million.

Closing is anticipated on or about Oct. 10, subject to various conditions including approval by the Toronto Stock Exchange.

An August preliminary economic assessment of Phoenix defined a net present value of C$135.2 million, after taxes and discounted at 5%, with a 40.2% internal rate of return. The underground operation is expected to produce nearly 80,000 ounces of gold per year.