OTCQX:BGMZF - Post by User
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halcroon Dec 29, 2015 8:48pm
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Stockwatch Gold Summary
Stockwatch Gold SummaryGold Summary for Dec. 29, 2015
2015-12-29 20:19 ET - Market Summary
by Stockwatch Business Reporter
Eric Sprott and Thomas Obradovich's Barkerville Gold Mines Ltd. (BGM), up one-half cent to 26.5 cents on 268,000 shares, has sold 11 million flow-through shares at 32 cents and another 18.75 million, also at 32 cents, completing the two private placements it laid out this fall. The shares in the latter placement went to Osisko Gold Royalties Ltd. (OR: $14), which will be buying an additional 13.25 million shares at 32 cents in January. When fully completed, the placements will add $13.7-million to Barkerville's treasury.
The cash will likely be spent on Barkerville's Cariboo gold project in British Columbia, where the company has been producing high-grade assays from drilling over the past two years. Mr. Obradovich, who replaced Frank Callaghan as CEO in 2014, is sticking to the company's plan to resume mining the Bonanza Ledge deposit at Cariboo. (Barkerville produced 24,000 ounces over the previous two years on the heels of a 2013 dream sheet that suggested a low-cost, 200-tonne-per-day mine could turn a profit.) Nevertheless, the latest assays will have Mr. Obradovich and his crew thinking bigger.
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