- Troilus Gold (TSX:TLG) has completed its previously announced bought deal financing for gross proceeds of C$25.36 million
- Under the offering, the company issued roughly 24.2 million units at a price of $1.05 each
- Each unit is comprised of one common share and half of one common share purchase warrant, with each whole warrant exercisable at a price of $1.50
- The company intends to use the proceeds to fund engineering, drilling and other exploration activities at its Troilus gold project
- Troilus Gold (TLG) is currently up 0.99 per cent and is trading at C$1.02 per share at 11:20am EDT
Troilus Gold (TSX:TLG) has completed its previously announced bought deal financing for gross proceeds of C$25.36 million.
Under the terms of the offering, the company issued roughly 24.2 million units, including 3.15 million units in connection with the exercise of an over-allotment, at a price of $1.05 each.
These units are comprised of one common share and half of one common share purchase warrants. Each whole warrant will entitle the holder to acquire an additional common share at a price of $1.50, exercisable until June 23, 2022.
The offering was completed with a syndicate of underwriters co-led by Cormark Securities, Laurentian Bank Securities and Stifel GMP, and included Haywood Securities, Canaccord Genuity and Red Cloud Securities.
With the financing now complete, Troilus Gold intends to use the proceeds to fund engineering activities at its Troilus gold project, as well as a program of geotechnical drilling at the deposit, infill and exploration drilling, and for general working capital purposes.
Located northeast of the Val-d’Or district in Quebec, the project produced 2 million ounces of gold and just under 70,000 tonnes of copper between 1996 and 2010.
In-depth mine development scenarios have already been completed for the Troilus project, which includes conceptual mine and finance modelling, thereby presenting a unique opportunity for a potential mine restart.
Detailed internal engineering studies and mine development scenarios have been completed for the Troilus project, including conceptual mine modelling and financial modelling, which highlight a unique opportunity for a potential mine restart.
Troilus Gold (TLG) is currently up 0.99 per cent and is trading at $1.02 per share at 11:20am EDT.