Calibre Mining (TSX: CXB)
Announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 59,600,000 common shares of the Company, at a price of $1.68 per Common Share for gross proceeds of $100 million.
.
.
.
Calibre Mining | TSX: CXB |
Stage | Production, development, exploration |
Metals | Gold |
Market cap | C$1.19 Billion @ C$1.55 |
Location | Canada, Nicaragua, USA |
.
Comment
I have to admit I find this financing surprising given recent statements by the company, where they have indicated that the construction of Valentine was on budget and on track.
I met with them in November and at that time there was not the slightest hint a financing was needed, and since then we have had record high gold prices, making this raise all the more disappointing.
CALIBRE MINING ANNOUNCES C$100 MILLION BOUGHT DEAL FINANCING
Not for distribution to U.S. news wire services or dissemination in the United States.
.
VANCOUVER, British Columbia, March 19, 2024 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB, OTCQX: CXBMF) (the “Company” or “Calibre”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 59,600,000 common shares (the “Common Shares”) of the Company, at a price of $1.68 per Common Share for gross proceeds of $100 million (the “Offering”).
The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any.
The Offering is expected to close on or about April 16, 2024 and is subject to Calibre receiving all necessary regulatory approvals.
The net proceeds of the offering will be used (i) towards the continued development of the Company’s Valentine gold project, El Limon mine, La Libertad mine and Pan mine, (ii) to advance exploration programs; and (iii) for general corporate and working capital purposes.
.
To read the full news release, please click HERE
.
=======
If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
=======
.
City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
Our audience is selected and invited individually to ensure interest and relevance for the presenting company.
Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.
If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com
.
=======
,
This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
.
.
Disclosure
At the time of writing the author holds shares in Calibre Mining.
.
.