G Mining Ventures (GMIN) has announced a C$70 million bought-deal private placement.
The underwriters, led by Sprott Capital Partners LP and BMO Nesbitt Burns, have agreed to purchase 73,700,000 units at $0.95 per unit for aggregate gross proceeds of $70,015,000.
Each unit is comprised of one G Mining common share and one-half of one common share purchase warrant.
Each warrant is exercisable into one common share priced at $1.90 for up to 36 months after closing, subject to acceleration.
If the underwriters exercise the over-allotment option, the aggregate gross proceeds would be $80,500,000.
The company will use the proceeds for general corporate and working capital purposes.
The offering is scheduled to close on or about September 9, 2021.
G Mining Ventures is a mineral exploration company with properties in Québec and Brazil.
G Mining Ventures (GMIN) closed unchanged trading at $1.00 per share.