TSX-V-listed Victoria Gold has secured the necessary funding to complete the construction of the gold mine that it is building in the Yukon Territory.
The company last month reported a 10% increase in the construction cost of the mine to C$487-million, leaving the company with a C$25-million shortfall.
On Tuesday, Victoria announced that it had secured C$30-million of funding on a bought-deal basis, including flow-through shares. The junior will offer common shares at C$0.44 a share and the flow-through common shares at C$0.53 a share. Should no flow-through common shares be subscribed for, the underwriters will buy the number of common shares to provide the company with gross proceeds of C$30-million.
At the end of February, construction of the mine was 75% complete. The first gold pour is scheduled for September.
Once in production, the openpit deposit will produce about 200 000 oz/y for more than a decade, according to a 2016 feasibility study, and will be the largest gold mine in the Yukon’s history.