MandalayResources Corp. said July 26 that it has closed its bought-dealfinancing, raising a total of about C$39 million, including the exercise of theunderwriter's overallotment option.

The company issued a total of 33,915,000 common shares,including the overallotment shares, at C$1.15 each under the financing.

Proceeds are earmarked for improvement projects at thecompany's Bjorkdalgold mine in Sweden and CerroBayo silver mine in Chile, increased exploration activities acrossall its mines and general working capital.