Private placements totalling $8 million have been completed by Augmitto Explorations (TSE). The company placed three million Class A special shares at $1.80 per share with European investors. Another 1.8 million Series A shares at a same price will be placed by Merit Investment.
The cash is part of a $22-million capital budget required to build a 1,000-ton-per-day mill and mine at the company’s gold project near Rouyn, Que. Earlier, Augmitto arranged a $10-million gold loan with Rothschild Australia Ltd. That loan was conditional on the company arranging the remaining financing for the project.
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