HighGold announces C$9.3m financing with Sprott
HighGold Mining (TSXV: HIGH) announced Friday it has entered into an agreement with Sprott Capital Partners LP, under which a syndicate of underwriters led by Sprott will purchase, for their own account or arrange for substituted purchasers on a bought-deal private placement basis, C$9.3 million of securities of the company.
The financing comprises 1.28 million flow-through common shares at C$1.80 each (total C$2.3 million) and 5.6 million common shares at C$1.25 per share (total C7.0 million). Additionally, the underwriters will be granted an option to increase the size of financing by up to an additional 20% of the number of offered securities.
HighGold intends to use the net proceeds from the common share offering for ongoing exploration and development work on its properties.
The Vancouver-based gold miner is currently focused on the advanced-stage Johnson Tract polymetallic project located near tidewater in south-central Alaska, as well as the Munro-Croesus, Golden Mile and Golden Perimeter projects in Ontario.