Northgate Minerals to raise $100 million in share offering to fund development
Tue Sep 22, 6:06 PMThe Canadian Press
By The Canadian Press
VANCOUVER, B.C. - Northgate Minerals Corp. (TSX: NGX.TO) said Tuesday it has signed a deal to raise $100 million in an offering of shares to help fund development of its Young-Davidson project in northern Ontario.
The company said it has an agreement with a syndicate of underwriters led by CIBC to issue 34.3 million shares on a bought deal basis at a price of $$2.92 per share.
Northgate has also granted the underwriters an option for up to an additional 5.1 million shares at the same price.
Shares in Northgate, which announced the financing after the close of markets, were up four cents at $3.08 on the Toronto Stock Exchange on Tuesday.
Northgate is a gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia.
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