TORONTO (miningweekly.com) – Junior gold producer Richmont Mines has closed a common share financing deal for gross proceeds of about C$31.1-million, it said on Tuesday.
The Toronto-based miner had issued 2.6-million shares, including an over-allotment of 390 000 shares, at C$10.40 apiece.
Richmont advised that it would use the proceeds from the financing to aggressively expand the exploration programme and consider potential organic growth opportunities at the cornerstone Island Gold mine, in Ontario.
The offering was led by Macquarie Capital Markets Canada on behalf of a syndicate of underwriters.