Calibre Mining, an Americas-focused mid-tier gold producer, has announced a bought deal with a syndicate of underwriters led by BMO Capital Markets, aiming to raise C$100m ($73.5m).
The underwriters have committed to purchasing 59,600,000 common shares at C$1.68 each.
Additionally, Calibre provided the underwriters a 30-day option to buy up to a further 15% of the offering to manage over-allotments.
This option is exercisable at the same offering price.
The offering is scheduled to close around 16 April 2024, contingent on Calibre obtaining all necessary regulatory approvals.
Net proceeds from this offering are earmarked for the development of Calibre’s Valentine gold project, El Limon and La Libertad mines, as well as Pan mine.
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Funds will also be allocated to support exploration programmes and meet general corporate and working capital needs.
In a statement, Calibre said: “The Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada, excluding Quebec, and may also be offered by way of private placement in the United States.”
Calibre is a Canadian-listed company, with a pipeline of development and exploration opportunities in Newfoundland and Labrador, Canada, along with Nevada and Washington in the US, and Nicaragua.
In January this year, Calibre closed the acquisition of all issued and outstanding common shares of Marathon Gold, thereby gaining a 100% interest in the Valentine Gold Project.
The deal offered Marathon an implied value of C$0.84 a share, or C$345m on a fully diluted in-the-money basis.
