Funds keep coming in for Montage Gold (TSXV: MAU). In connection with the recently completed IPO, Montage announced this morning the full exercise of the over-allotment option that was provided to the underwriters. The result, is an additional $4.5 million in gross proceeds.
The exercise of the over allotment has resulted in an additional 4,090,909 common shares of the company being issued at a price of $1.10 per share. In total, the company issued 31,363,637 common shares in connection with the offering while raising $34.5 million in gross proceeds. The financing saw no warrants attached to shares sold.
Net proceeds from the offering are to be used to advance the drill program at the firms flagship Morondo Gold Project located in Cote d’Ivoire. Funds will also be utilized to push forward with a preliminary economic assessment and a feasibility study, with the remaining funds to be used for operating costs and general corporate purposes.
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Montage Gold Corp last traded at $0.95 on the TSX Venture.
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