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Pure Gold Mining

Pure Gold Mining closes $5M financing for exploration on its Ontario gold projects

The junior miner is advancing the Madsen Gold Project in Red Lake, Ontario

gold pour
The Vancouver-based company issued a total of 7.7 million shares on a flow-through basis

Pure Gold Mining Inc (CVE:PGM) announced Friday that it had closed a previously announced $5 million financing for exploration on its Ontario gold projects.

The Vancouver-based company issued a total of 7.7 million shares on a flow-through basis at C$0.67 per share.

Sprott Capital Partners LP led a syndicate of underwriters, along with Velocity Trade Capital Ltd and Macquarie Capital Markets Canada Ltd. The underwriters received an aggregate cash commission of 6% of the gross proceeds of the offering.

READ: Pure Gold Mining set to bring in $4.5M in bought deal offering

The flow-through shares have a hold period of four months and one day from closing and expire on July 30, 2019.

Flow-through shares are a unique financing vehicle for junior resource companies in Canada, allowing investors to receive tax incentives.

Pure Gold is advancing the Madsen Gold Project in Red Lake, Ontario and it wants to become Canada's next iconic gold company.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Pure Gold Mining

Price: $0.60

Market: TSX-V
Market Cap: $212.18 m
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Proactive Investors Vancouver talked with two well know CEO's about one of the most prolific mining districts in Canada. Red Lake, Ontario. Darin Labrenz, CEO of Pure Gold (CVE: PGM) and Chris Taylor from Great Bear Resources (CVE: GBR) both have successful projects and talked about the...

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