Probe Gold Inc. Raises $45 Million to Advance Novador Gold Project
- Probe Gold Inc. raised $45 million through a private placement to advance the Novador Gold project and explore other properties.
- The Novador Gold project covers 1,835 square kilometers and is projected to produce 255,000 ounces of gold annually.
- Probe Gold emphasizes sustainable practices in its operations, aiming to set industry benchmarks while contributing to the local economy.
Probe Gold Secures $45 Million to Propel Novador Gold Project
Probe Gold Inc. has successfully completed an upsized bought-deal private placement, raising gross proceeds of $45,275,000. The offering includes the sale of 6,250,000 flow-through common shares at $3.24 each, generating $20,250,000, and 13,750,000 common shares priced at $1.82 per share, contributing an additional $25,025,000. This substantial funding is earmarked primarily for advancing the Novador Gold project and exploring other properties in Québec, as well as providing general working capital. The financing reflects strong investor confidence in Probe Gold’s strategic direction and its potential for growth in the Canadian gold mining sector.
The Novador Gold project, a key focus for Probe Gold, spans approximately 1,835 square kilometers of exploration land in Québec. With an ambitious mining plan, the project is projected to yield an average annual production of 255,000 ounces of gold over an estimated mine life of 12.6 years. In addition, Probe Gold’s Val-d’Or properties are significant, holding gold resources of 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category across various trends and deposits. This robust resource base positions the company favorably for future exploration and production endeavors, reinforcing its commitment to capitalizing on Québec's rich mineral resources.
The private placement was facilitated by a syndicate led by Canaccord Genuity Corp., along with Beacon Securities Limited and Scotiabank. The securities issued are subject to a four-month hold period in accordance with Canadian securities laws and remain unregistered under U.S. securities regulations, preventing their sale or offer in the United States without appropriate registration or exemptions. This strategic financing move is expected to enhance Probe Gold’s operational capabilities and accelerate its growth trajectory in the competitive gold mining landscape.
In other developments, Probe Gold continues to demonstrate its commitment to sustainable practices in its exploration and mining activities. The company’s focus on environmentally responsible methods ensures that its projects align with modern mining standards. As it advances the Novador Gold project, Probe Gold is not only poised to contribute to the local economy through job creation but also aims to set benchmarks for sustainability within the industry.
Overall, Probe Gold's recent financing highlights a significant step forward in its operational strategy, positioning it to capitalize on emerging opportunities in the gold sector while maintaining a strong commitment to sustainable practices.