Mr. Matt Manson reports
MARATHON GOLD ANNOUNCES CLOSING OF C$34.5 MILLION BOUGHT DEAL FINANCING
Marathon Gold Corp. has completed its previously announced bought deal prospectus offering of 23 million units of the company at a price of $1.50 per unit for the aggregate gross proceeds of $34.5-million, including the exercise in full of the underwriters' overallotment option. The offering was conducted by a syndicate of underwriters co-led by Canaccord Genuity Corp., Sprott Capital Partners and RBC Capital Markets, and including Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Beacon Securities Ltd., Haywood Securities Inc. and Laurentian Bank Securities Inc.
The company intends to use the net proceeds from the offering to continue the permitting, development and exploration of the Valentine gold project, as well as for working capital and general corporate purposes.
When including the net proceeds of the offering, Marathon's cash balance is now over $50-million, leaving the company well positioned to advance the Valentine gold project through to a potential construction decision targeted for the second half of 2021.
About Marathon Gold Corp.
Marathon Gold is a Toronto-based gold company advancing its 100-per-cent-owned Valentine gold project, located in central Newfoundland, one of the top mining jurisdictions in the world.
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