By Adriano Marchese
Argonaut Gold said Monday that it will raise 80 million Canadian dollars ($59.3 million) by way of a bought-deal public offering to develop two projects in Canada and U.S.
The Canadian miner said that it has entered into an agreement with a syndicate of underwriters who will acquire 210.5 million shares on a bought-deal basis for resale.
The offer price is for C$0.38 a share.
Shares have been under pressure this year, down over 17% year-to-date and closing on Friday at C$0.43.
Argonaut Gold intends to use the new money to advance its mines, Magino in Ontario and Florida Canyon in Nevada.
Write to Adriano Marchese at [email protected]
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