SolGold closes "bought deal" private placement

SolGold, the company focused on the riches of the North Andean Copper Belt in Ecuador, has closed its “bought deal” private placement of 180m shares for proceeds of £45m, it emerged on Thursday.

Gross proceeds from that offering, which was led by National Bank Financial and Canaccord Genuity Corp, would be used for exploration and studies enabling the company to advance its flagship Cascabel Project, selective regional exploration in Ecuador, working capital and general corporate purposes, the company said.

The offering was conducted on behalf of a syndicate underwriters, including Cormark Securities Inc., GMP Securities L.P., Paradigm Capital Inc., Red Cloud Klondike Strike Inc., Mackie Research Capital Corporation and Echelon Wealth Partners Inc.

Commenting on the closing, Chief Executive Officer of SolGold Mr Nick Mather said:"It is particularly gratifying to finalise the raising with a strong institutional support base for SolGold. We continue to strengthen SolGold's ability to take its assets forward through discovery and feasibility towards development. We are building a significant copper company in SolGold and this raising is an important step. It's out of the way now and the Company is now fully funded for well over a year, at both Cascabel and its exciting Pan Ecuadorean exploration project.