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Falco prices C$10mln equity financing for Quebec exploration

Falco prices C$10mln equity financing for Quebec exploration

Falco Resources (CVE:FPC) has priced the marketed offering it announced last night, now proposing to raise approximately C$10 million. 

The company has agreed, with a syndicate of agents led by Scotia Capital, to offer 5.55 million common shares at a price of 45 cents apiece, and 14.42 million flow through shares at a price of 52 cents each.

Aside from Falco's Horne 5 deposit, the new funds will also be used for further exploration at its Rouyn-Noranda complex in Quebec, as well as for general working capital needs.

The deal is expected to close on about October 22, subject to regulatory approvals.         

Falco is one of the largest claim holders in the province of Quebec, with extensive land holdings in the Abitibi Greenstone Belt. It owns 72,800 hectares of land in the Rouyn-Noranda mining camp, which represents 70 percent of the entire camp and includes 14 former gold and base metal mine sites.

The company's principal property is the Horne Mine Complex, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Falco is hoping to replicate this with its Horne 5 deposit, the largest undeveloped deposit in the region. 

Its current strategy is focused on identifying opportunities to increase the size of the resource estimate within its Horne complex, while also working on exploration targets within the remainder of its large land package.

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Falco Resources Timeline

December 04 2014

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