Marlin GoldMining Ltd. is looking to raise up to C$9.5 million via anonbrokered private placement, a bought deal offering, and an option forfurther subscription.
The net proceeds will be used to advance drilling anddevelopment of the Commonwealthsilver-gold project in Arizona and for general corporate purposes, the companysaid July 20.
Marlin has proposed a nonbrokered private placement of up to13.0 million common shares at 50 cents apiece to raise gross proceeds of up toabout C$6.5 million. The placement is expected to close July 26.
The nonbrokered placement will be subscribed by privateinvestment funds managed by Wexford Capital LP, which will subscribe for 13.0million common shares. The investment funds collectively own, or exercisecontrol over 84.67% of Marlin's current issued and outstanding capital.
Marlin is also looking to raise a further C$1.0 million throughan underwritten bought deal offering of 2.0 million common shares at the sameprice.
The underwriter, Red Cloud Klondike Strike Inc., has alsosecured an option to purchase an additional 4.0 million shares for furtherproceeds of C$2.0 million for the company.
The option will expire 48 hours before the closing of thefinancing, expected on or about Aug. 24.