The underwriters also have an over-allotment option to buy additional shares totalling approximately C$3 million.
Probe will use the net proceeds for its flagship Novador gold project located in the Val-d’Or mining camp of Quebec. The project is host to three deposits, led by the past-producing Monique, which has a measured and indicated gold resource of 1.65 million oz.
The company recently tabled a new preliminary economic assessment that gave the Novador project an after-tax net present value (at a 5% discount) of C$910 million and an internal rate of return of 24.4%. The mine would produce an average of 255,000 oz. of gold annually over a 12.6-year life.
Probe followed up the PEA with encouraging results from its winter drilling program, highlighted by 23.1 grams gold per tonne over 3.1 metres from infill drilling at Monique and 6.2 g/t gold over 13 metres from expansion drilling at the Courvan deposit. Another…
