Canadian exploration company Probe Gold on Tuesday announced a C$30-million bought-deal private placement, the proceeds of which it would use to advance its Novador gold project and explore its Quebec properties.
The company entered into an agreement with Canaccord Genuity, Beacon Securities and Scotiabank, on behalf of a syndicate of underwriters, to purchase on a bought deal basis 4.63-million shares of the company that would qualify as ‘flow-through’ shares at C$4.24 each for C$15-million, as well as 8.25-million shares at C$1.82 a share for the balance.
Probe owns the multimillion-ounce Novador project and the early-stage Detour Gold Québec project. The company controls a land package of about 1 835 km2 of exploration ground within some of the most prolific gold belts in Québec.
The recent Novador preliminary economic assessment outlines a robust mining plan with an average yearly gold production of 255 000 oz over a 12.6-year mine life. 