Toronto-listed Marathon Gold on Thursday announced a nonbrokered C$50-million private placement financing to support the continued advancement of its exploration and development activities at the Valentine project, in central Newfoundland.
The private placement financing consists of 14 285 714 common shares of C$2.45 each and 4 838 710 flow-through common shares of C$3.10 for each flow-through share.
Marathon said that a single institutional investor, Pierre Lassonde and Trinity Capital Partners Corporation and Affiliates had subscribed for the offering.
In the aggregate, the investor subscribed for 12 244 898 common shares for gross proceeds of C$30-million. Lassonde and Trinity subscribed for 2 040 816 common shares for gross proceeds of C$5-million, as well as 4 838 710 flow-through common shares for gross proceeds of C$15-million.
Some of Marathon’s board members and management team will also participate in the offering.