Rubicon Minerals Arranges C$15 Million Bought Deal

Precious Metals

Rubicon Minerals (TSX:RMX) has entered an agreement with a syndicate of underwriters for a bought-deal private placement for gross proceeds of roughly C$15 million. The underwriters will buy 11,725,000 flow-through common shares of the company at a price of C1.28 per share.

As quoted in the press release:

In addition, the Company has also granted the underwriters an option, exercisable up to 48 hours prior to the closing of the offering, to purchase up to an additional 4,000,000 Flow-Through Common Shares for additional gross proceeds of up to C$5,120,000 (resulting in aggregate of gross proceeds of up to C$20,128,000).
The gross proceeds from the Offering will be used for Canadian Exploration Expenses ((“CEE”)(within the meaning of the Income Tax Act (Canada)), and the Company will renounce such CEE with an effective date of no later than December 31, 2015.
The Offering is expected to close on or about April 9, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

Click here to read the Rubicon Minerals (TSX:RMX) press release