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Pure Gold to raise C$12M for exploration

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Pure Gold to raise C$12M for exploration

Pure Gold Mining Inc. entered into an agreement with Macquarie Capital Markets Canada Ltd. on behalf of a syndicate of underwriters for a three-tranche private placement to raise C$12.0 million.

The company will issue 5,518,000 super flow-through shares at 72.5 Canadian cents apiece in the first tranche, 4,688,000 flow-through shares at 64 cents apiece in the second and 9,615,000 common shares at 52 cents apiece in the final tranche.

The underwriters were also granted an overallotment option to acquire additional shares.

The gross proceeds raised from the sale of the super flow-through and flow-through shares will be used for exploration financing, while the funds from the sale of the common shares will be earmarked for the exploration and development of the Madsen gold project in Ontario, as well as for general working capital.

Pure Gold expects to close the financing by Nov. 1.