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Pure Gold Mining to raise C$12M for exploration

Pure Gold Mining Inc. said Jan. 30 that it signed an agreement with Macquarie Capital Markets Canada Ltd., on behalf of a syndicate of underwriters, for a C$12.0 million financing.

The underwriters agreed to purchase 16 million flow-through common Pure Gold shares at 75 Canadian cents apiece on a bought-deal basis, with an overallotment option allowing the underwriters to purchase up to 10% more of the offered flow-through shares at the same price.

Pure Gold plans to use the proceeds for surface exploration financing in Ontario that will qualify as Canadian exploration expenses and flow-through mining expenditures, in accordance with tax laws.

The offering is expected to close by Feb. 22, subject to certain conditions, including regulatory approvals.