Canadian junior miner Caldas Gold (TSXV: CGC) is looking to raise up to $90 million through a fully marketed private placement of subscription receipts of the company.<\/p>\n
In a press release on Monday, the company announced it has settled terms<\/a> for the proposed issuance of 90,000 subscription receipts at a price of $1,000 each, with Scotiabank and Canaccord Genuity acting as co-lead agents on behalf of a syndicate of agents including Stifel Nicolaus Canada and Red Cloud Securities.<\/p>\n The company anticipates raising $80 million to $90 million from the offering, said Chairman and CEO Serafino Iacono. Proceeds will be used to fund the expansion of Caldas’ mining operations at the Marmato project in Colombia.<\/p>\n The Marmato project comprises two distinct operations — the existing Upper Zone operation and a new Deeps Zone operation that sits directly below the Upper Zone vein system. Last year, the Upper Zone mine produced 25,750 ounces of gold.<\/p>\n Earlier this year, Caldas entered a $110 million streaming deal<\/a> with Wheaton Precious Metals (NYSE: WPM) to develop the Deep Zone mineralization. This was followed up by a special warrant financing of C$45 million<\/a> to secure additional funding for the expansion project.<\/p>\n Located within a historical mining district, the project contains an estimated 2 million ounces of gold resources in the measured and indicated categories and 3.3 million ounces of gold resources in the inferred category.<\/p>\n A prefeasibility study (PFS) incorporating the new mine is currently underway and is expected for completion mid-2020.<\/p>\n Shares of Caldas Gold surged 6.0% on news of the latest financing. The company has a market capitalization of approximately C$193.7 million.<\/p>\n","protected":false},"excerpt":{"rendered":" The company plans to raise more funds for the expansion of its Marmato project in Colombia.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203404"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1203404"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203404\/revisions"}],"predecessor-version":[{"id":1203428,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203404\/revisions\/1203428"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1203404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1203404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1203404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}