Gold producers cash up (October 05, 2004)

Large bought-deal financings have cashed up two junior gold producers, Rio Narcea Gold Mines (RNG-T) and High River Gold (HRG-T).

Rio Narcea will issue 21 million units at $3.10 to raise just over $65 million. Each unit is a share plus half a warrant; one warrant is exercisable at $5 until September 2008. Other warrants in the same series have already been issued and trade on the Toronto Stock Exchange.

The underwriters, a syndicate led by BMO Nesbitt Burns, have an option to purchase just over 3 million more units up to a day before the offering closes. Closing is currently scheduled for Oct. 25.

High River will raise $50 million from an underwriting led by Sprott Securities and Dundee Securities. A syndicate of five investment houses will buy just over 27 million units at $1.85, with each unit consisting of a High River share and half a warrant to purchase a share at $2.35. The warrants expire two years after closing, scheduled for Oct. 26.

There is an option for the underwriters to buy 5.4 million more units before the closing date.

Print

Be the first to comment on "Gold producers cash up (October 05, 2004)"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close