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Rye Patch Gold raises C$20M for debt servicing, Florida Canyon mine ramp-up

Rye Patch Gold Corp. closed its previously announced bought-deal offering, raising about C$20 million including the full exercise of the underwriters' overallotment option.

The company issued 15,384,700 units at C$1.30 apiece, with each unit consisting of 1 common share and 1 share purchase warrant exercisable for 1 common Rye Patch share at C$1.65 until Jan. 31, 2020.

Proceeds are earmarked for debt servicing, the continued ramp-up of Rye Patch's Florida Canyon gold mine in Nevada and general working capital.

When the group flagged the fundraising in January, it also announced a strategic review to "explore alternatives" to enhance shareholder value, such as M&A activity, asset disposals and restructuring or refinancing its credit facility.