- Revival Gold (RVG) has completed its bought deal financing, raising more than C$15 million for exploration work in Idaho, USA
- The company issued around 13.7 million units at a price of $1.10 each, consisting of one common share and half of one common share purchase warrant
- BMO Capital Markets conducted the offering and received a cash commission worth six per cent of the total amount raised
- The proceeds will be used to fund exploration work at the company’s Beartrack-Arnett Gold Project in Lemhi County, Idaho
- Revival Gold (RVG) is currently down 2.42 per cent and is trading at $1.21 per share
Revival Gold (RVG) has completed its bought deal financing, raising more than C$15 million for exploration work in Idaho, USA.
Under the terms of the financing, the Toronto-based company issued a total of 13.7 million units, including 1.78 million units pursuant to an over-allotment option, at a price of $1.10 each. The units are comprised of one common share in Revival Gold and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $1.60, exercisable for a period of 18 months from the date of issuance.
The offering was conducted by BMO Capital Markets as sole underwriter, which received a cash commission for its services worth six per cent of the total amount raised.
Revival Gold intends to use the proceeds raised to fund ongoing exploration and development activities at Revival Gold’s past-producing Beartrack-Arnett gold project located in Lemhi County, Idaho, USA.
Hugh Agro, President and CEO of Revival Gold, said the completion of the financing will accelerate the company’s plans.
“Geologic field work was initiated this season in July. The deposits are open and exploration drilling is expected to resume shortly,” he added.
In early-February this year, the company published an updated mineral resource estimate for the Beartrack-Arnett project, which outlined an indicated mineral resource of 36.4 million tonnes at 1.16 grams per tonne of gold, and an inferred mineral resource of 47.2 million tonnes at 1.08 grams per tonne of gold.
Revival Gold (RVG) is currently down 2.42 per cent and is trading at $1.21 per share as of 10:08pm EDT.