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Marathon Gold raises C$5M for exploration in Canada

Marathon Gold Corp. raised C$5 million via a private placement of 4,066,000 shares, qualifying as flow-through shares, at C$1.23 each.

The underwriters' option to purchase an additional 1,650,000 flow-through shares at the same price was also fully exercised.

The company will use the funds for exploration at its properties in Newfoundland, according to the Dec. 21 release.

"The money will be put to good use with the 15,000-meter winter drill program beginning at the Valentine Lake Gold Camp in early January," President Phillip Walford said in the statement.