Rubicon raises another C$10 million

Rubicon Minerals (CN:RMX) is set to raise at least C$10 million (US$7.9 million) through a bought deal financing towards its 2018 exploration programme, which includes test mining, bazooka drilling and a resource update for its Phoenix gold project in Red Lake, Ontario.

Staff reporter
Plans include test mining and bazooka drilling

Plans include test mining and bazooka drilling

The company could raise up to a further C$5 million (US$3.9 million) if the syndicate of underwriters, led by BMO Capital Markets, exercise an option to buy additional flow-through shares at the same price of $1.53.

Rubicon had closed a C$10 million bought deal private placement financing in March last year at $2.57 per flow-through share.

Shares in the company were trading at C$2.27 a year ago and lost 5c on Friday to close at $1.28.

Rubicon had shuttered its mine in 2015 shortly after pouring first gold, after discovering the deposit was much more geologically complex than first thought.

In its 2018 exploration programme announced last month, Rubicon said it was planning 10,000m of infill and step-out drilling, plus 4,000m of "bazooka drilling" - drilling short holes within the developed test stopes to better define the extent of the mineralisation in the stoping blocks and stoping shapes.

It is also planning test mining and restarting the mill mid-year to process the bulk samples.

President and CEO George Ogilvie said the company was half-way through the 18-24 month plan outlined when it completed the restructure in December 2016 and said they were encouraged by progress to date.

The company started the year with about C$22 million (US$17.5 million) in cash.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.


Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.


Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.


Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.


Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.