Superior Gold To Raise $15.0 Million Through Bought Deal
Superior Gold (TSXV: SGI) this morning announced that it will be conducting a bought deal private placement. Gross proceedings from the financing are expected to total out at $15.0 million, with proceeds being used for the advancement of projects and the repurchase of a royalty.
The bought deal is being lead by PI Financial and being conducted by a syndicate of underwriters. The financing will see common shares sold at a price of $0.70 per share, with no warrant being offered under the placement.
A total of 21,430,000 common shares are expected to be sold, with the company also granting a 15% over-allotment option. The option is valid for a period of 30 days following the close of the financing. A total of $15,001,000 in gross proceeds is expected to be raised before the over-allotment is considered.
The financing is expected to close by November 5, 2020.
Superior Gold last traded at $0.77 on the TSX Venture.
Information for this analysis was found via Sedar and Superior Gold Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
