As it ramps up the Eagle gold mine in Canada’s Yukon Territories, Victoria Gold has announced a C$5 million flow-through financing, intending to issue 572,659 flow-through shares at C$8.73 each. It has the option, exerciseable until closing, of issuing an additional 114,532 shares for proceeds of C$1 million. Closing is expected around Feb. 25 with the securities issued subject to a four-month hold.
The shares issued will be Canadian development expense flow-through shares, with gross proceeds used for qualifying Canadian development expenses.
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Based on the results of an updated technical report for Eagle released in December, the mine is expected to produce an average of 220,000 oz. annually at all-in sustaining costs of $774 per oz. Victoria’s latest guidance is for a commercial production announcement in the second quarter of the year.
(This article first appeared in the Canadian Mining Journal)
