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Wesdome Gold Mines to raise C$15M for mill expansion, working capital

Wesdome Gold MinesLtd. said April 11 that it will raise about C$15 million by issuing9.1 million common shares at C$1.65 each on a bought-deal basis.

The issue is underwritten by a syndicate co-led by National BankFinancial Inc. and Mackie Research Capital Corp. and includes Dundee Capital Marketsand Clarus Securities.

Wesdome has granted the underwriters an overallotment optionto purchase an additional 15% of the total shares, exercisable at the same pricewithin 30 days of the offering closing, which is expected by April 29.

Net proceeds will be used for mill expansion and associated infrastructure,working capital and general corporate purposes.