Battle North to raise C$55m in upsized deal
Canadian gold mine developer Battle North, which owns the Bateman project in the Red Lake district of Ontario, has increased the size of its previously announced financing to C$55-million.
Underwriters Cormark Securities and Stifel GMP have agreed to purchase, on a bought deal basis, an additional 5 405 000 shares of Battle North at C$1.85 a share.
The gross proceeds of the offering will now be C$55 006 501, including the C$5 000 076 to be raised through the issuance of 1 865 700 common shares to be issued as flow-through shares at a price of C$2.68 each.
Battle North will use the proceeds of the offer for exploration, predevelopment and development activities, as well as for general working capital purposes and repayment of its loan.
The company’s Bateman project consists of the high-grade F2 gold deposit, more than 14 000 m of underground development, including a commissioned shaft that goes down about 730 m below the surface, and surface infrastructure that includes a 1 250 t/d mill facility that is currently in care and maintenance, a completed tailings management facility, electric power supply and substation, 200-person camp, earth works and civil works.
Besides Bateman, Battle North also controls a large exploration area in Red Lake, as well as an exploration package on the Long Canyon gold trend near the Nevada-Utah border.
Battle North’s stock closed 8.87% down at C$1.85 a share on the TSX on Wednesday.
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