GoGold closes C$28M offering for Mexican projects
Los Ricos. Image from GoGold.
Halifax-based GoGold Silver and Gold (TSX: GGD) has closed a bought deal financing worth C$28.8 million to support work at its Los Ricos North and South projects in Jalisco state, Mexico.
The original offering was for 10 million common shares at a price of C$2.50 each for gross proceeds of C$25 million. The underwriters took up an overallotment of 1.5 million shares at the same price for an additional C$3.75 million.
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GoGold completed a preliminary economic assessment in January 2021 for Los Ricos South outlining both pit-constrained and out-of-pit resources. The total measured and indicated resources are 10 million tonnes at 0.91 g/t gold and 119 g/t silver. The inferred portion is 3 million tonnes at 0.99 g/t gold and 112 g/t silver. Almost all (98%) of the M&I material is within the pit.