The position was performed per the phrases of an settlement between Argonaut and a syndicate of underwriters led by BMO Capital Markets, and together with Cormark Securities, Canaccord Genuity, RBC Dominion Securities, Scotia Capital and Echelon Wealth Companions.
Internet proceeds of this financing will probably be used to fund exploration and growth actions at Argonaut’s Magino mission, in addition to for common company functions.
Magino is a previous producing underground gold mine situated 40 km northeast of Wawa, Ontario. A feasibility research revealed in December 2017 showcased an open pit mining alternative, boasting measured and indicated sources of 144 million tonnes grading 0.91 g/t gold for 4.2 million oz. of contained gold.
Building is underway to carry the Magino mine again into manufacturing, which is initially estimated to value C$510 million. Nonetheless, Argonaut recently revised the capital value to C$800 million after taking inflation into consideration and making changes to the mission’s growth plan.
Thus far, the corporate has invested about C$342 million ($270m) into the Magino mission.
(This text first appeared in The Northern Miner)
