Kerr Mines Announces Upsize to Bought Deal Offering to C$5 Million https://kerrmines.com/
"... TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX: KER, OTC: KERMF), (“Kerr” or the “Company”) is pleased to announce that it amended the terms of its previously announced offering of units of the Company. Under the amended terms of the Offering (as defined below), Haywood Securities Inc. (the “Underwriter”), has agreed to buy, on a bought deal basis, 35,720,000 units of the Company (the “Units”), at a price of C$0.14 per Unit (the “Offering Price”) for gross proceeds of $5,000,800 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at a price of C$0.22 for a period of 24 months following the Closing Date (as defined below).
The Offering is expected to close on or about August 4, 2020, or such other date as may be agreed by the Underwriter and the Company (the “Closing Date”), and is subject to the Company receiving all necessary regulatory approvals, including the approval of the TSX and applicable securities regulatory authorities. The Units will be offered by way of a short form prospectus in each of the provinces of Canada, excluding Quebec.
The Company plans to use the net proceeds from the Offering to further advance the Company’s high grade Copperstone gold project with a targeted drilling program for purposes of resource and reserve expansion while also testing further resource upside within its 50 square kilometre land position. Additionally, the proceeds will allow the Company to further advance detailed engineering and project optimization for purposes of the re-start of the Copperstone gold project and for general corporate purposes...." https://www.juniorminingnetwork.com/junior-miner-news/press-releases/728-tsx/ker/80337-kerr-mines-announces-upsize-to-bought-deal-offering.html
Steppe Gold set for C$15M strategic investment from gold bull Eric Sprott
Sprott, via 2176423 Ontario Ltd, a company which he controls, is subscribing for all of the 6,976,944 subscription receipts at C$2.15 each in the placing..."
Haywood says Buy
In a note Thursday, Haywood Securities analyst Pierre Vaillancourt wrote that the growth in production and cash flow since the startup in April "bodes well" for Steppe. The research firm increased its 2021 production forecast to 60,000 ounces, up from 36,000 ounces.
"We look for further upside from drilling and resource expansion in 3Q20, in addition to stronger production in 2021," Vaillancourt added.
Haywood is maintaining its Buy recommendation and C$3 price target on the stock.
Shares of Steppe surged 14.9% on Thursday afternoon to close at C$2.62 in Toronto...." https://ca.proactiveinvestors.com/companies/news/923823/steppe-gold-set-for-c15m-strategic-investment-from-gold-bull-eric-sprott-923823.html https://www.kitco.com/news/2020-07-17/Gold-prices-at-daily-highs-as-U-S-housing-starts-surprise-on-the-upside-in-June.html