Gross proceeds of $12 million were reported by Royal Oak Mines (TSE) from the recent sale of 7.27 million special warrants at $1.65 each.
The special warrants were sold by First Marathon and ScotiaMcLeod, and the proceeds will be held in escrow until the common shares have been qualified by prospectus.
Each special warrant is exercisable into one common share of Royal Oak for no additional consideration. Royal Oak will qualify (for sale by prospectus) as soon as possible the common shares to be issued upon exercise of the warrants. Royal Oak recently opened the Hope Brook gold mine in Newfoundland. The company also has gold mines at Yellowknife, N.W.T., and Timmins, Ont.
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