Curragh offering worth $50 million

To improve liquidity, Curragh (TSE) is offering $50 million of convertible preferred shares to institutional investors.

The new shares, which will be offered at $1.20 each, will be convertible into subordinate voting shares of Curragh on a one-for-one basis and carry the same dividends as the company’s other shares.

The proceeds from the issue will be used to reduce bank debt and to provide working capital for the company’s Faro and Sa Dena Hes mining operations.