On May 24, 2018, Pure Gold Mining Inc. closed a bought deal private placement of 16,130,000 units, at a price of $0.62 per unit, for gross proceeds of $10 million and 4,000,000 common shares issued on a flow-through basis, at a price of $0.75 per share, for gross proceeds of $3 million. The aggregate gross proceeds raised from the offering was $13 million.
Each unit consists of one common share of Pure Gold and one-half of one common share purchase warrant. Each warrant is transferrable and entitles the holder to acquire one common share of Pure Gold until May 24, 2020 at a price of $0.85.
The offering was completed through a syndicate of underwriters led by Sprott Capital Partners and including Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Haywood Securities Inc., Velocity Trade Capital Ltd., Canaccord Genuity Corp., and Echelon Wealth Partners.
Cassels acted for Sprott Capital with a deal team that included Jennifer Traub, Andrew Dilts and Aimee O’Donnell (Securities and Mining) and Chris Norton (Tax).