Mining News: Northern Neighbors: TMAC raises C$60 million to advance Hope Bay gold project

TMAC Resources Inc. and Resource Capital Fund VI L.P. July 19 reported the closing of an C$80 million financing that involved issuing 3,975,000 TMAC shares and 1,325,000 Resource Capital shares at C$15.10 per common share. TMAC received roughly C$60 million of the gross proceeds and about C$20 million went to Resource Capital. The net proceeds of the offering to TMAC will be used to advance development of its Hope Bay gold project in Nunavut, specifically for exploration and development of the BTD Zone at Doris, and for general corporate purposes. As part of the offering, Newmont Mining Corp. purchased 1,159,000 shares. RCF and Newmont now hold 30.9 percent and 29.2 percent, respectively, on a non-diluted basis, of the 82,981,932 TMAC common shares issued and outstanding.

-Shane Lasley