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TMAC Resources closes C$92M bought-deal financing

TMAC ResourcesInc. and Resource Capital Fund VI LP have closed a underwritten bought-deal offering, including the latter's overallotment option,to raise C$92 million.

According to a July 19 release, TMAC received C$60 millionwhile Resource Capital Fund bagged C$32 million from the overall proceeds.

Net proceeds will go toward furthering development of TMAC'sHope Bay goldproject in Nunavut, Canada, for exploration and development of the BTD Zone atthe Doris mine within the project, and for general corporate purposes.

In addition, NewmontMining Corp. acquired 1,159,000 common shares of TMAC under theoffering.

RCF and Newmont now hold 30.9% and 29.2% nondiluted stakesin TMAC, respectively.