Teranga Gold announces $30m ‘bought deal’ financing
TORONTO (miningweekly.com) – Dual-listed gold miner Teranga Gold Corp, which is focused on its assets in West Africa, on Thursday announced a $30-million ‘bought deal’ financing with a syndicate of underwriters.
Under the terms of the deal led by Cormark Securities and including Macquarie Capital Markets Canada, CIBC World Markets, RBC Capital Markets, Scotia Capital, Canaccord Genuity, Desjardins Securities and Jennings Capital, the syndicate has agreed to buy 36-million shares at a price of $0.83 apiece for gross proceeds of about $30-million.
Teranga had also agreed to an over-allotment option that could see the underwriters buy up to 15% more shares, for total potential gross proceeds from the offering of $34.5-million.
Teranga, which in December entered into a $135-million stream transaction with TSX-listed Franco-Nevada Corporation to acquire the balance of the Oromin joint venture group gold project, in Senegal, said that it would apply the funds raised for general corporate purposes.
The shares issued under the offering would be issued through a short form prospectus in all of the provinces of Canada, except Quebec, and the deal is scheduled to close on May 1, pending all regulatory and customary approvals being secured.
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