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Roxgold Inc. (TSXV:ROG) announced the closing of $20 million subscription receipt offering on a bought deal private placement basis.
As quoted in the press release:
The Offering was completed in connection with Roxgold’s proposed acquisition of the remaining interest in the Yaramoko, Bissa West and Solna projects (the “Projects”), a group of advanced stage exploration properties located in Bukina Faso, West Africa, from Riverstone Resources Inc. (the “Transaction”). The Transaction, which is subject to customary closing conditions, including the delivery of documents transferring title to the Projects, the receipt of third party and regulatory approvals, and the accuracy of representations and warranties, is expected to close in October 2011. The TSX Venture Exchange has confirmed that, pursuant to its rules and policies, it will not require approval from Roxgold’s shareholders in connection with the Transaction.
The net proceeds of the Offering will be used to fund the cash component of the consideration payable to Riverstone Resources Inc. in connection with the Transaction and, as to the balance, for continued exploration of the Projects and for general working capital purposes.
Click here to read the Roxgold (TSXV:ROG) press release.
