Toronto-listed Argonaut Gold has announced a C$80-million bought deal public offering to fund the development and optimisation of its two flagship mines.
The net proceeds of the offering, comprising 210 527 000 shares at C$0.38 each, will provide financing for the Magino and Florida Canyon mines, located in Canada and the US, respectively.
“It not only allows us to enter our next, important phase of growth as we optimize production at our two cornerstone assets, it also gives us greater financial flexibility to refinance our current debt facility to better match our growth opportunities," said CEO Richard Young.
Closing is expected on or about December 12.