Calibre Mining Corp (CXB)

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Calibre Mining closes C$102.5 million equity financing
Michael McCrae
Michael McCrae Wednesday September 18, 2019 15:13

Kitco News

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(Kitco News) -Nicaragua-focused exploration company Calibre Mining (CVE: CXB) announced yesterday that it closed a $77.2 million (C$102.5 million) brokered private placement.

The company said that $40 million proceeds will be used to fund a portion of the purchase price to acquire the producing El Limon and La Libertad Gold Mines; the Pavon Gold Project and additional concessions in Nicaragua.

As a result of the transaction, B2Gold will become the company's largest shareholder.

Russell Ball, Executive Chairman of Calibre, noted management's position in the financing.

"Despite a challenging equity financing environment, we were able to raise in excess of our targeted CDN $100 million and I wanted to express my thanks to those investors who participated in the financing for their support of the team and the assets, said Ball.

"We are excited about the opportunities that lie ahead, so much so that management and the board subscribed for approximately C$6.5 million of the private placement, firmly aligning the interests of management with those of our long-term shareholders, including B2Gold, who after the closing of the transaction will hold an approximate 31% equity interest in the company."
By Michael McCrae

For Kitco News