The Globe and Mail reports in its Tuesday, June 28, edition that Canadian gold miners are rejoicing as the precious
metal's price pops on the
back of Brexit-induced market
chaos. The Globe's Tim Kiladze writes that as investors flock to safe havens, junior developers
and producers are finding
a rare window to raise
desperately needed money.
On Monday Guyana Goldfields,
Orezone Gold, Osisko Mining, TMAC Resources,
Lundin Gold and Sandstorm
Gold
rushed to tap investors for fresh
dollars. Within hours of
launching, the size of two of the
deals increased on the back of
heavy investor demand.
Guyana Goldfields set out to
raise $110-million to finance an
expansion of its Aurora gold
mine, but it quickly boosted the
financing to $130-million. Orezone
Gold had plans to raise $20-million and has already increased
the deal size to $23-million.
The financings follow a steady
trickle of gold deals in the past
few weeks for companies such as
Endeavour Mining and
Richmont Mines. Since January,
the bullion price has jumped
25 per cent and that rise has given
investors more confidence to
invest in select miners. Gold has
climbed higher by 5.4 per cent since
the Brexit results late on Thursday.
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