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Gold Standard upsizes bought-deal financing to C$25M

Gold Standard Ventures Corp. said Feb. 5 that it revised an agreement with a syndicate of underwriters co-led by Macquarie Capital Markets Canada Ltd. and BMO Capital Markets to increase the size of a previously announced bought-deal financing to about C$25 million from C$20 million.

The company will now issue 12,196,000 shares at C$2.05 apiece. The underwriters also have an overallotment option to buy an additional 1,829,400 shares at the same price for 30 days after closing, which is expected by Feb. 22.

Concurrently, Gold Standard will complete a nonbrokered private placement with Goldcorp Inc. at the same price as the bought-deal financing for the latter to raise its stake in Gold Standard to 9.99%.

OceanaGold Corp. committed to C$4.4 million of the private placement and has the right to increase its participation to maintain its stake in Gold Standard at approximately 15.7%.

Proceeds are earmarked to advance exploration and early stage development at the company's Railroad-Pinion gold project in Nevada and for working capital purposes.