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Corvus Gold to raise C$20M for Nev. exploration

Corvus Gold Inc. said Oct. 2 BMO Capital Markets agreed to buy 10 million shares of the company on a bought-deal basis at C$2 each for total proceeds of about C$20 million.

The company said that it intends to use the proceeds for exploration expenditures at its North Bullfrog and Mother Lode gold-silver properties in Nevada, for corporate general and administrative expenses, as well as to secure land permits.

Additionally, Corvus granted BMO a 30-day option following closing, to purchase up to another 15% of shares sold under the offering at the same price, to cover any overallotments and for market stabilization purposes.

The offering is expected to close around Oct. 9.

A November 2018 preliminary economic assessment of the combined North Bullfrog-Mother Lode project defined an after-tax net present value of US$585.6 million, discounted at 5%, with a 38% internal rate of return.