Liberty Gold to raise C$30m for US exploration
Canada-based Liberty Gold has announced a C$30-million bought-deal financing to fund the exploration and development of its Black Pine and Goldstrike oxide gold development assets in the Great basin, in the US.
Liberty said it would aggressively advance Black Pine in 2022 with 85 000 m of drilling, engineering and permitting programmes and further derisking activities planned.
At Goldstrike, a 25 000 m drill pogramme, engineering, derisking, permitting and baseline studies are planned for this year, with a focus on advancing the asset towards a prefeasibility study decision.
Liberty entered into an agreement with National Bank Financial and BMO Capital Markets to act as lead underwriters, pursuant to which the underwriters had agreed to purchase on a bought-deal basis 27 273 000 shares of the company for C$1.10 each.
In addition, the underwriters had been granted an option to purchase an additional 15% of the number of shares solely to cover overallotments.
The company’s stock fell 8.33% on the TSX to C$1.10 apiece.
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