Cumberland fills pockets

With gold on the move, Cumberland Resources (CBD-T) has arranged a $10.4-million bought deal with Canaccord Capital, which has agreed to buy 4 million units priced at $2.60 apiece.

A unit consists of one share and a half-warrant. A whole warrant entitles the owner to buy an additional share at $2.85 for 12 months. Canaccord can buy up to an additional 1.5 million flow-through shares at $2.85 each, for a further $4.3 million in proceeds.

Cumberland is advancing its 3-million-oz. Meadowbank gold project to the feasibility stage. In addition, the Vancouver-based company has a 22% carried interest in the 4.5-million-oz. Meliadine West project, where work has been discontinued while WMC (WMC-N), the operator, shops around its 56% interest. The two northern projects are in Nunavut.