A Red Lake gold mine development has received a major injection of capital.
Toronto’s Battle North Gold has raised more than $61 million to bring its Bateman Mine project and continue exploration on its extensive property in the northwestern Ontario gold district.
The company announced Aug.27 it’s closed a bought deal financing arrangement through an offering of common shares and flow-through shares to raise $61,368,950 to complete work on the mine development and to expand the gold resource on the property.
The net proceeds from the sale of the common shares are earmarked for pre-development and development work at Bateman (formerly known as the Phoenix Gold Project), for repayment of a loan, and for general working capital purposes.
The proceeds from the sale of the flow-through shares are used exclusively for exploration in Red Lake.