- Write by:
-
Thursday, January 23, 2020 - 12:07:42 PM
-
952 Visit
-
Print
Mining News Pro - Toronto-based Generation Mining announced on Wednesday it has arranged a bought deal private placement with a group of underwriters, offering approximately 15.38 million units of the company at C$0.52 per unit to raise total proceeds of C$8 million.
According to Mining News Pro - Each unit comprises one common share in the capital of Generation Mining and one-half of one common share purchase warrant. Each full warrant shall be exercisable to acquire one common share at a price of C$0.75 for a period of 24 months from the placement closing date.
Canadian investor Eric Sprott has agreed to purchase C$5 million of the offered units. Upon completion of the offering, Sprott would own approximately 8.84% of Generation Mining on a non-diluted basis and 12.70% on a partially diluted basis.
Net proceeds from the offering will be used for exploration and development activities at the company’s Marathon palladium project in Ontario.
The property — located 215 km east of Thunder Bay and 10 km north of Marathon — was developed from 1985 to 2010 by various companies and was eventually owned by Marathon PGM Corporation. The property was later acquired by Sibanye-Stillwater. Generation Mining currently holds a 51% interest in the project.
Shares of Generation Mining rose by more than 12% midday Wednesday, at one point reaching an all-time high of C$0.74 a share. The company’s market capitalization is approximately C$65 million.
Short Link:
https://www.miningnews.ir/En/News/477165
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
Adriatic Metals is taking over as the operator of the Rupice deposit development, which is part of the company’s Vares ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
No comments have been posted yet ...