Pursuant to the Offering, the Company has issued 15,390,000 common shares (the "Shares") at a price of US$1.30 per Share, for aggregate gross proceeds of US$20,007,000.
BMO Capital Markets acted as the sole underwriter for the Offering.
The net proceeds of the Offering will be used for (i) underground development and production ramp-up of the Maseve Mine; (ii) working capital during start-up; (iii) repayment of the remaining US$2.5 million outstanding amount of a prior advance under the Company's credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) general corporate purposes.
The Offering was made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec.
A prospectus supplement relating to the Offering was filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.
