Currently viewing Global edition

Golden Predator ups financing

Yukon-focused explorer Golden Predator Mining (CN:GPY) has upped the size of a proposed overnight marketed financing by about C$2 million (US$1.6 million) citing strong demand.
Golden Predator ups financing Golden Predator ups financing Golden Predator ups financing Golden Predator ups financing Golden Predator ups financing

Cites strong demand for offering

Staff reporter

The company reported the highest assays to date at its 3 Aces gold project in the exploration hotspot earlier this month as it moves to design more bulk sampling and resource delineation.

It announced an offering early last week of flow-through share units under an agreement with underwriter Clarus Securities designed to raise about $7 million (US$5.7 million).

On Friday, it said it had agreed to increase the offering to raise about $8 million (US$6.5 million) and Clarus would have the option to purchase an additional 1.15 million units on the same terms which would take the gross proceeds to just over $9.2 million (US$7.5 million).

The 91c units comprise one common share and one half of a non-flow-through common share purchase warrant.

The demand comes as interest returns to mining stocks - although Australia edged out Canada in 2017 on total equity mining equity raised - US$5.25 billion versus $5.23 billion - after the latter scored a lopsided win in 2016 of $6.5 billion raised, to $3.5 billion.

The Yukon is also becoming a sought-after exploration jurisdiction, attracting the attention of five majors in the past 18 months, thanks to projects with district-scale potential and an accommodating permitting environment.

Shares in Golden Predator, which had C$6.98 million in working capital at the end of September, closed down C1c to 71c, well below its 52-week high of $2.05 reached last February.