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White Gold raising C$15M, closes Independence Gold asset deal

White Gold Corp. entered into an agreement with Clarus Securities Inc. for a bought-deal offering targeting gross proceeds of C$15 million, with closing anticipated around Nov. 8.

The offering will comprise 3,333,333 common shares at C$1.50 apiece and 5 million flow-through shares at C$2 apiece, according to an Oct. 16 release.

Shareholders Agnico Eagle Mines Ltd. and Kinross Gold Corp. indicated they will maintain their respective approximate 19.6% interests in the company by participating in the offering.

The company will use the flow-through proceeds for exploration in the White Gold district in Canada's Yukon Territory by the end of 2019, including its flagship White Gold property. Proceeds from the common shares are earmarked for general corporate expenses.

White Gold also said it completed the acquisition of the Henderson, Birdman, Flow and Work Creek properties in the White Gold district from Independence Gold Corp.

In early September, the company outlined a new gold discovery at White Gold, with the discovery drillhole returning 20.64 g/t of gold over 6.10 meters from a depth of 83.82 meters.