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Rubicon Minerals completes restructuring, plans exploration at Phoenix project

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Rubicon Minerals completes restructuring, plans exploration at Phoenix project

Rubicon Minerals Corp. successfully implemented its refinancing and restructuring transaction, which includes a C$45.0 million equity offering and the appointment of George Ogilvie as president and CEO.

Ogilvie said Dec. 20 the company plans to explore the F2 gold deposit at the Phoenix gold project in Ontario over the next 18 to 24 months.

The company also managed to secure a reduction in the loan facility with CPPIB Credit Investments Inc. to C$12.0 million, from about C$68.4 million, and an extension to the maturity until Dec. 31, 2020. CPPIB has secured a credit of 26.97% of equity in the company and a cash payment of C$20.0 million.

Rubicon's common shares held by existing shareholders were also consolidated based on a ratio of 1 post-consolidation common share for about 162.1 pre-consolidation shares held.

The company exchanged the gold stream facility with Royal Gold Inc. against providing a 5.58% equity interest in the company, a 1.0% net smelter royalty on all of its land holdings in Ontario, a 2.5% royalty on its Nevada and Utah properties, and a right to acquire any portion of an existing royalty that is subject to a buyback provision.

Rubicon's common shares are expected to resume trading on the Toronto Stock Exchange at market open Dec. 22.