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Marathon to raise C$8M for Canadian exploration

Marathon Gold Corp. is planning to raise gross proceeds of about C$8 million to fund exploration at its Valentine Lake gold property in Newfoundland, according to a Sept. 29 company news release.

Haywood Securities Inc., on behalf of a syndicate of underwriters, has agreed to purchase 8,880,000 flow-through shares of the company at a price of 90 cents apiece.

The underwriters also have a 15% overallotment option, allowing the company to up the fundraising to about C$9.2 million.

The offering is expected to close on or around Oct. 27.

In June, Marathon intersected the highest gold intervals at the time at the Marathon deposit, within the Valentine Lake gold camp, of up to 7.2 meters at 20.17 g/t of gold, including 0.7 meter at 190.88 g/t of gold and 1.3 meters at 100.29 g/t of gold.