Roxgold (TSX-V:ROG, StockForum), a Toronto-based firm engaged in the acquisition, exploration and evaluation of mineral properties, announced today that the company had increased its previously released bought deal offering to $25 million.
According to the news release, the previous offer was upped to 43.2m common shares at $0.58 per common share for gross proceeds of $25,056,000 with the Underwriters retaining an option, exercisable for up to thirty days after close, to acquire up to an additional 15% of the offer to cover any over-allotments.
The offer, being led by BMO Capital Markets, is anticipated to wrap up on or about March 25, 2014 and is still subject to regulatory approval.
Gross proceeds from the transaction will be utilized to further the Yaramoko Gold Project with further exploration of the property along with the remainder heading toward general working capital purposes.
Roxgold was in the news recently when the company announced the bought deal financing yesterday.
Shares fell 3.08% on the news to $0.63 per share.
Currently there are 186.1m outstanding shares with a market cap of $117.2 million.