TORONTO (miningweekly.com) – Vancouver-based Rusoro Mining will raise at least C$100,2-million in a public offering of shares, and will use the proceeds for capital spending on its gold properties in Venezuela, the firm said on Tuesday.

TSX Venture Exchange-listed Rusoro will be the latest in a list of gold-miners which have successfully tapped equity markets for cash, capitalising on the yellow metal's strong performance this year compared with other commodities.

Rusoro has entered into an underwriting agreement with Canaccord Capital to act as sole underwriter and sell 167-million of the firm's shares, at C$0,60 each.

The company has also granted Canaccord an over-allotment option to buy additional shares equal to 15% of the offering, which is scheduled to close on or about March 12.

Earlier this month, the company which has been named as the 'partner of choice' in the gold-mining sector by the Venezuelan government, abandoned a bid for smaller rival Gold Reserve, after an Ontario judge granted an injunction against the hostile takeover offer.

Rusoro shares fell 17,14% on Tuesday, to C$0,58 apiece by 15:54 in Toronto.

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