June 11, 2021
Troilus Gold Corp. (TSX:TLG, BUY, C$3.50 target, Timothy Lee) announced an upsized bought deal financing for gross proceeds up to C$42.5M. The upsized offering includes the issuance of 1) 7,905,200 regular units at C$1.10 per, 2) 6,211,200 traditional flow-through units at C$1.26 per, 3) 13,513,600 National flow-through units at C$1.48 per, and 4) 3,174,700 Quebec flow-through units at C$1.89 per. Each regular unit comprises one common share, while each flow-through unit comprises one flow-through share. All units also include one-half of a warrant, with each full warrant entitling the holder to purchase one common share at an exercise price of C$1.50 for a 24-month period upon closing of the transaction. The offering is scheduled to close by the end of this month, and we expect proceeds to primarily be used to fund technical studies and exploration activities at its 100%-owned Troilus Au-Cu project in Quebec, where the company is conducting an aggressive resource expansion drilling campaign (read more). Read more
