Maple Gold Mines (TSXV: MGM) is looking to boost its cash position. The firm last night indicated that it intends to conduct a bought deal private placement of flow through shares, lead by Cormark Securities and Agentis Capital.
The financing will see the firm look to raise $5.0 million via the sale of 9.3 million flow through shares. Each share is priced at $0.54 per each, resulting in the firm expecting to raise gross proceeds of $5.0 million. No warrant is being offered in connection with the financing.
An over-allotment option has also been granted, enabling the sale of up to an additional 3.7 million flow through shares.
Proceeds raised under the financing are to be used for exploration expenses.
The financing is currently slated to close by December 9.
Maple Gold last traded at $0.34 on the TSX Venture.
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