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Richmont Mines (TSX:RIC) has announced that it has entered into an agreement with Macquarie Capital Markets for the issue of 7.5 million common shares at a price of CDN $4 per share. The gross proceeds would be $30 million. The group of underwriters in the deal include CIBC World Markets, National Bank Financial, BMO Capital Market, TD Securities and PI Financial Corp. The underwriters have also been granted an over-allotment option to purchase an additional 1.125 million common shares for gross proceeds of $4.5 million.
According to the press release:
If the Over-Allotment Option is exercised in full, the total gross proceeds to Richmont will be CAN$34.5 million. Richmont plans to apply the net proceeds of the Offering in their entirety toward accelerating the transformational development of the one million ounce resource at its Island Gold Mine in Ontario that is currently underway, and as summarized in the Corporation’s January 15th, 2015 press release.
Click here to read the Richmont Mines (TSX:RIC,,NYSE,MKT:RIC) press release
Click here to see the Richmont Mines (TSX:RIC,,NYSE,MKT:RIC) profile.