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Trevali Mining Corporation (TSX:TV,LMA:TV,OTCQX:TREVF,FWB4TI) entered into a letter of engagement with Dundee Securities Ltd. Dundee has agreed to purchase a bought-deal private placement basis of 16,667,000 common shares for total gross proceeds of $10,000,200, at a price of $0.60 per share.
Trevali Mining Corporation (TSX:TV,LMA:TV,OTCQX:TREVF,FWB4TI) entered into a letter of engagement with Dundee Securities Ltd. Dundee has agreed to purchase a bought-deal private placement basis of 16,667,000 common shares for total gross proceeds of $10,000,200, at a price of $0.60 per share.
As quoted in the press release:
Dundee has been granted the option to purchase up to an additional 2,500,000 Common Shares for additional gross proceeds of $1,500,000, exercisable in whole or in part at any time up to 48 hours before the Closing Date (the “Option”).
Trevali Mining Corporation President and CEO, Mark Cruise, said:
As Trevali completes the final stages of construction at its Santander Mine, it is vital the Company ensures a sufficient working capital position is maintained through the ongoing commissioning and upcoming production ramp-up phases. Due to the unforeseen Santander plant construction delays encountered earlier this year this necessary financing will provide working capital for the operation as it transitions to full-production during this Summer. The Company anticipates initial production from the plant to commence over the next few weeks. The recently announced initial funding facility from RMB is ear-marked for the development of our Bathurst Mine Operations in New Brunswick. I would like to thank our shareholders for their ongoing patience as the Company strives to successfully bring our first operation to production in challenging market conditions.
Click here to read the Trevali Mining Corporation (TSX:TV,LMA:TV,OTCQX:TREVF,FWB4TI) press release
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