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HighGold Mining upsizes bought deal financing to C$12 million

A syndicate of underwriters led by Cormack Securities has agreed to buy, on a bought deal basis, 4.63 million shares at C$1.73 a throw

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HighGold said it aimed to use the net proceeds for mineral exploration and general corporate purposes, including expanding the scope and the scale of its recently commenced 2020 Johnson Tract drill program in Alaska

HighGold Mining Inc (CVE:HIGH) (OTCQB:HGGOF) has upsized its previously announced bought deal financing to C$12 million from C$8 million previously.

A syndicate of underwriters led by Cormack Securities has now agreed to increase the size of the previously announced financing.

The firm will now issue over 6.9 million shares at C$1.73 a throw for proceeds of around C$12 million gross, the firm said in a statement. HighGold shares closed trade on Friday at C$1.90 each.

READ: HighGold Mining kicks off this year's drilling at flagship Johnson Tract gold project in bid to extend deposit

HighGold said it aimed to use the net proceeds for mineral exploration and general corporate purposes, including expanding the scope and the scale of its recently commenced 2020 Johnson Tract drill program in Alaska, USA.

The offering is scheduled to close on or around July 28.

The underwriters have also been granted the option, exercisable in whole or in part, before the closing of the offering to sell up to a to a further around 1million shares, which would result in additional gross proceeds of around C$1.8 million.

On June 30, HighGold revealed it had kicked off the first 'serious' exploration drill program in 25 years at its flagship Johnson Tract gold asset in Alaska. In 2019, the group generated numerous "quality drill targets within an 800 meter (m) radius of the high-grade JT deposit mineral resource, several of which will be drilled for the first time this year", CEO Darwin Green told investors in a statement on Tuesday.

The first phase envisages between 7,000 and 10,000 meters of diamond drilling in five targets surrounding the JT deposit.

Contact the author at [email protected]

Quick facts: HighGold

Price: 1.9 CAD

TSX-V:HIGH
Market: TSX-V
Market Cap: $93.29 m
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HighGold Mining CEO show viewers a look from their Johnson Tract project in...

HighGold Mining (CVE: HIGH-OTCQX: HGGOF) CEO Darwin Green joined Steve Darling from Proactive Vancouver to give views a look at their project, Johnson Tract in Alaska. Green shares what crews are working on right now and he also talks about their recent announcement of a 12-million-dollar...

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