Each unit will consist of one common share of the company and one-half of a share purchase warrant exercisable at a price of C$0.45 per share for a period of 24 months after the offer closes.
The underwriters have also been granted an over-allotment option of up to an additional 15% of offered securities in any combination.
The Troilus mine began production in 1996 and reached commercial production the following year. During its life, the mine produced 2 million oz. of gold and about 154.3 million lb. of copper. The mill capacity was doubled to 20,000 t/d by 2005. The pits were mined out in April 2009, but milling continued to June 2010. The plant was sold three months later, and the camp was dismantled.
The company completed a feasibility study for a new open pit and mill in 2024. It supports a 50,000 t/d mill and open pit mine with a life of 22 years. Over that time, the annual output would be 244,600 oz. gold, 17.3 million lb….
