TORONTO (miningweekly.com) – TSX-listed Red Back Mining has completed a bought-deal public offering, which raised a total of C$165-million, after an over-allotment option was exercised in full.

The firm had agreed to sell 20-million shares, at C$7,50 apiece, but gave the underwriters an option to buy an additional 2-million share.

Red Back plans to use the funds to repay a $28-million back credit facility, and to fund working capital requirements.

The company owns two gold mines, Chirano in Ghana and Tasiast in Mauritania, as well as several projects in Ghana.

It is also working on expansion projects at both mines.

Shares in the firm rose 0,4% on Thursday morning, to C$7,87 apiece by 9:36 in Toronto.

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