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Wesdome Gold Mines raises C$17.3M via bought-deal financing

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

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Wesdome Gold Mines raises C$17.3M via bought-deal financing

said April 29 thatit has closed its previously announced bought-deal offering of 10,465,000 commonshares at C$1.65 apiece, raising a total of about C$17.3 million, including thefull exercise of the underwriters' overallotment option.

The companyintended to raise aboutC$15 million by issuing 9.1 million common shares at C$1.65 each on a bought-dealbasis, pursuant to an underwriting agreement with a syndicate of underwriters co-ledby National Bank Financial Inc. and Mackie Research Capital Corp., and includesDundee Securities Ltd., Clarus Securities Inc. and M Partners Inc.

The underwriterswere granted an overallotment option to purchase an additional 15% of the totalshares, exercisable at the same price within 30 days of the offering's closing.

Wesdome hasearmarked the proceeds for mill expansion and associated infrastructure at the company'sEagle River goldcomplex in Ontario, and for general working capital.

The companyexpects to produce between54,000 ounces and 60,000 ounces of gold from its Eagle River operation this year.