Top 10 Mining Deals this Month:
Wheaton Precious Metals Announces the Effectiveness of an At-The-Market Equity Program
April 16, 2020
- Wheaton Precious Metals Corp. (TSX:WPM) announced that the company established an at-the-market equity (“ATM”) program that allows the company to issue up to US$300 million of common shares from treasury to the public from time to time, at the Company’s discretion and subject to regulatory requirements.
- Wheaton intends to use the net proceeds from the ATM Program for funding precious metals purchase agreements, other general corporate purposes, including the repayment of indebtedness.
- See below for a description of an ATM program.
SilverCrest Metals Closes Over-Subscribed Non-Brokered Private Placement for C$101 Million
April 17, 2020
SilverCrest Announces Closing of $27 Million Private Placement with SSR Mining
April 24, 2020
- SilverCrest Metals Inc. (TSX:SIL) announced the completion of its non-brokered private placement of common shares for gross proceeds of C$101.0 million, representing an over-subscription of approximately C$26 million.
- The company also announced that it has closed the previously announced private placement with SSR Mining Inc. of $27 million pursuant to which SSR Mining elected to exercise its equity participation right.
- The company plans to use the proceeds for continued exploration and development of the Las Chispas Project located in Sonora, Mexico, and for general working capital.
Osisko Gold Royalties Completes a Non-Brokered Private Placement with Investissement Québec of $85 Million
April 01, 2020
- Osisko Gold Royalties Ltd (TSX:OR) announced that the company has completed a private placement for gross proceeds of $85 million with Investissement Québec.
- The net proceeds from the private placement will be used for general working capital purposes.
Bluestone Resources Announces C$80 Million Bought Deal Financing
April 23, 2020
- Bluestone Resources Inc. (TSXV:BSR) announced that it has entered into a bought deal agreement, with a syndicate of underwriters, for gross proceeds of C$80 million.
- The net proceeds from the offering will be used to advance the Cerro Blanco project in Guatemala, as well as for working capital and general corporate purposes.
Orla Mining Announces Closing of C$75 Million Bought Deal Financing
April 03, 2020
- Orla Mining Ltd. (TSX:OLA) announced that it has closed a bought deal financing, with a syndicate of underwriters, for gross proceeds of C$75 million.
- The net proceeds from the offering will be used for the development and construction activities at the Camino Rojo Oxide Gold Project in Mexico, projected payments related to the proposed layback agreement with Fresnillo, and for general corporate purposes.
MAG Silver Announces Closing of $60 Million Private Placement
April 30, 2020
- MAG Silver (TSX: MAG) completed a previously announced non-brokered private placement offering of 4.5 million shares to Eric Sprott, at a price of C$13.25 per share for gross proceeds of C$60.0 million.
- MAG intends to use the offering proceeds to fund exploration and development of the Juanicipio Project in Mexico and for general corporate purposes.
Skeena Resources Closes C$33 Million Private Placement
April 15, 2020
- Skeena Resources Limited (TSXV:SKE) closed the second and final tranche of the non-brokered private placement offering and raised gross proceeds of C$33.3 million.
- The net proceeds of the offering will be used to fund exploration activities on the company’s projects in the Golden Triangle of British Columbia, primarily the past-producing Eskay Creek mine and Snip mine.
Victoria Gold Corp. Announces C$20 Million Bought Deal Financing
April 22, 2020
- Victoria Gold Corp. (TSX:VGCX) announced that it has entered into a bought deal equity financing agreement, with a syndicate of underwriters, for gross proceeds of approximately C$20 million.
- The net proceeds of the offering will be used to continue ramp up of operations of the Eagle Gold Mine on the Dublin Gulch property, Yukon Territory, Canada, and for general corporate purposes.
Gold Standard Establishes ATM Equity Program
April 17, 2020
- Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) announced that it has entered into an agreement with BMO Capital Markets, to establish an at-the-market (“ATM”) equity program and intends to issue up to C$14.875 million of common shares under the ATM Program.
- The net proceeds of any sales of common shares under the ATM Program will be used to fund the work program on the Company’s Railroad-Pinion Project in Nevada, U.S.A.
- See below for a description of an ATM program.
Fission Announces the Closing of a US$10 million Credit Facility with Sprott
April 07, 2020
- Fission Uranium Corp. (TSX:FCU) announced the closing of a US$10 million senior secured credit facility with Sprott Resource Lending II L.P.
- Fission will use the proceeds to fund development of the Patterson Lake South uranium project, in Saskatchewan, Canada, and for general working capital purposes.
Guerrero Ventures Announces Second Closing of Subscription Receipt Private Placement for an Additional C$5.96 Million for an Aggregate of C$9 Million and Opens Third Tranche
April 02, 2020
- Guerrero Ventures Inc. (TSXV:GV) announced that it has held a second closing for gross proceeds of approximately C$5.96 million.
- To date, Guerrero has raised gross proceeds of approximately C$9.04 million and expects to hold a third closing of the private placement in early May, subject to a maximum of C$13.3 million.
- The company will use the net proceeds for working capital purposes and to pay a portion of the cash consideration of a previously-announced proposed transaction.
- The company plans to acquire two portfolios of precious metals royalty, stream and gold loan assets from funds related to Orion Resource Partners (USA) LP and Yamana Gold, for total consideration of $268 million and $65 million.
- Upon closing of the acquisitions, Guerrero intends to change its corporate name to Nomad Royalty Company.
Other Notable Mining Deals this Month:
- IMC International Mining Corp. Enters into $8 Million Equity Financing with Alumina Partners, LLC
- Denison Completes US$5.75 Million Public Offering
- GFG Resources Announces Non-Brokered Private Placement of up to C$5.0 Million with Alamos Gold as Strategic Investor
- Northern Superior Resources Announces Closing of $3.9 Million Private Placement and a 9.99% Investment by New Gold Inc. Management and Board Purchased 24% of the Private Placement
- African Gold Group Closes Fully Subscribed $3 Million Private Placement Financing
- Golden Minerals Prices $3.0 Million Registered Direct Offering
- NorZinc Significant Corporate Update and US$3 Million Bridge Loan Announcement
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What Is an At-The-Market “ATM” Equity Offering?
“ATM Distributions are a form of prospectus offering whereby a registered dealer sells equity securities, typically on behalf of an issuer, over an existing trading market at prevailing market prices. There is no “book-build” process for an ATM Distribution. That is, neither the dealer nor the issuer undertakes any marketing efforts (e.g., roadshows) in connection with an ATM Distribution program. Sales under an ATM Distribution are instead analogous to ordinary brokerage transactions, and an issuer typically will use an ATM Distribution program to “dribble out” equity securities into the market for normal course balance sheet management purposes, or if market conditions render other follow-on equity financing alternatives (e.g., a bought deal) less attractive.”
Source: www.blakes.com
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