Newcore Gold Plans $10 Million Bought Deal Offering
Newcore Gold Ltd. (TSXV: NCAU) announced Thursday night that it has entered into an agreement with a syndicate of underwriters to raise $10 million. The offering is expected to be conducted on a bought deal basis.
The offering consists of selling 16,667,000 common shares at $0.60 per share. The underwriters have been granted an over-allotment option to purchase 15% of the total shares offered at the same offering price, potentially bringing the total proceeds to $11.5 million.
The mining firm relayed that it intends to use the offering proceeds on developing its Enchi Gold project in southwest Ghana, as well as for working capital and general corporate purposes.
The offering is expected to close on August 4, 2021, subject to customary regulatory approvals.
Newcore Gold last traded at $0.63 on the TSX Venture.
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