- Revival Gold (RVG) has revealed an increase of its previously announced bought deal financing from C$10 million to $13 million
- The company will now issue a total of 11.9 million units at a price of $1.10 each, consisting of one common share and half of one common hora purchase warrant
- Each full warrant will entitle the holder to acquire an additional common share at a price of $1.60, exercisable over a period of 18 months
- The proceeds will be used to fund ongoing exploration and development activities at the company’s Beartrack-Arnett gold project in Idaho, USA
- Revival Gold (RVG) is down 6.92 per cent and is trading at $1.21 per share
Revival Gold (RVG) has revealed an increase of its previously announced bought deal financing from C$10 million to $13 million.
According to an original announcement released yesterday, the Toronto-based company had originally sought to raise issue 9.1 million units at a price of $1.10 each.
However, following strong demand for investors, Revival Gold has increased the financing to 11.9 million units at the same price.
Each unit will consist of one common share in the company and half of one common share purchase warrant. Every whole warrant will entitle the holder to acquire an additional common share at a price of $1.60, exercisable over a period of 18 months from the date of issuance.
BMO Capital Markets, as sole underwriter, will have an over-allotment option to acquire an additional 15 per cent of the offering.
Exercisable at any time until 30 days after closing, BMO Capital Markets may choose to exercise the option for units only, common shares only, or warrants only, or any combination thereof.
The proceeds raised will be used to fund ongoing exploration and development activities at Revival Gold’s past-producing Beartrack-Arnett gold project located in Lemhi County, Idaho, USA.
In early-February this year, the company published an updated mineral resource estimate for the Beartrack-Arnett project, which outlined an indicated mineral resource of 36.4 million tonnes at 1.16 grams per tonne of gold, and an inferred mineral resource of 47.2 million tonnes at 1.08 grams per tonne of gold.
At the time, Hugh Agro, President and CEO of Revival Gold, said the results well exceeded the company’s ambitious goals for exploration success.
“Inferred gold resources have more than doubled while indicated gold resources are up 11 per cent with this resource update.
“The deposit remains open laterally and at depth and, at its current scale, Beartrack-Arnett represents an outstanding opportunity for further growth,” he added.
Revival Gold (RVG) is down 6.92 per cent and is trading at $1.21 per share at 1:25pm EDT.