Argonaut Gold
Source: Argonaut Gold Inc.
  • Argonaut Gold (AR) has announced a “bought deal” private placement for aggregate gross proceeds of approximately $15 million
  • Argonaut will use the proceeds to incur Qualifying Expenditures at its Magino project, located in Ontario, Canada
  • Argonaut Gold is a Canadian gold company with a portfolio of operations and multi-stage assets in North America
  • Argonaut expects Magino to achieve commercial production in the third quarter of 2023 and become the company’s largest and lowest cost mine
  • Argonaut Gold Inc. (AR) opened trading at C$0.61 per share

Argonaut Gold (AR) has announced a “bought deal” private placement for aggregate gross proceeds of approximately $15 million.

The company has signed an agreement with a syndicate of underwriters led by Scotiabank and Cormark Securities Inc. As per the agreement, the Underwriters have agreed to buy on a “bought deal” private placement basis:

  • 6,613,800 common shares to be issued as “flow-through shares” with respect to “Canadian exploration expenses” at $0.756 per CEE Flow-Through Share for gross proceeds of $5,000,033;
  • 14,925,500 common shares to be issued as “flow-through shares” with respect to “Canadian development expenses” and together with the CEE Flow-Through Shares, at $0.67 per CDE Flow-Through Share for gross proceeds of $10,000,085.

Argonaut will use the proceeds to incur Qualifying Expenditures at its Magino project, located in Ontario, Canada.

The company expects to close the offering on or about May 24, 2023. Closing is subject to receiving all necessary approvals.

About Argonaut Gold

Argonaut Gold is a Canadian gold company with a portfolio of operations and multi-stage assets in North America. It is focusing on becoming a low-cost mid-tier gold producer and is in the final stages of construction at its Magino project.

Argonaut expects Magino to achieve commercial production in the third quarter of 2023 and become the company’s largest and lowest cost mine. The company also has three operating mines including the Florida Canyon mine in Nevada, USA, La Colorada mine in Sonora, Mexico and San Agustin mine in Durango, Mexico.

Argonaut Gold Inc. (AR) opened trading at C$0.61 per share.

The materials provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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