Equinox Gold celebrates Greenstone mine opening with 3,634 km ride, $1 million donation
The cycling journey is part of the celebrations leading up to the mine’s official opening on Aug. 29.
O3 Mining (TSXV: OIII) has completed its upsized public offering, securing proceeds of C$21 million ($15.6 million). The company sold nearly 19 million units at C$1.10 each, including full exercise of the underwriters’ overallotment option.
Each of the units includes one common share and half of a share purchase warrant. The warrants can be used to buy additional shares at C$1.45 each within 24 months.
O3 Mining plans to use the funds from the public offering to advance its projects in Quebec’s Val-d’Or district. The company’s portfolio spans over 650 sq. km. and includes key assets like the Marban Alliance and Alpha projects.
The Marban Alliance contains 2.55 million oz. of gold in measured and indicated resources at a grade of 1.70 g/t, and 510,000 oz. in inferred resources at 1.64 g/t. This project is currently progressing through exploration and development. The adjacent Alpha project covers a large area with several gold targets and is central to O3’s strategy to expand its resource base.
Overall, the company’s eight projects host 2.9 million oz. of measured and indicated gold resources at 1.18 g/t and 770,000 oz. of inferred resources at 3.04 g/t. Recent exploration and drilling activities aim to further define and increase these resources, aligning with broader industry trends supporting growth in the mining sector.
The offering was managed by Canaccord Genuity as the lead underwriter and sole bookrunner, supported by a syndicate including CIBC World Markets, Cormark Securities, Eight Capital, National Bank Financial, SCP Resource Finance LP and Velocity Trade Capital.
O3’s strategic investor is expected to close an additional non-brokered private placement within the next week. Both the public offering and the private placement are pending final approval from the TSX Venture Exchange.
Comments