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Atikokan gold junior raises $26 million for exploration

Brett Resources has raised $26 million for exploration on its Hammond Reef gold property in northwestern Ontario. The Vancouver explorer announced Feb. 3 it had closed its bought deal equity financing.
Northern Ontario Business Staff

 
Brett Resources has raised $26 million for exploration on its Hammond Reef gold property in northwestern Ontario.

The Vancouver explorer announced Feb. 3 it had closed its bought deal equity financing. A syndicate of underwriters receives a 5 per cent cash commission of the gross proceeds but the net proceeds are earmarked for Hammond Reef.

The money will be used for working capital but also for exploration and development of the property near Atikokan.

Hammond Reef has been Brett's main focus since 2006 where the company has outlined an inferred resource of 6.70 million ounces of gold and 259.4 million at a grade of 0.8 grams per tonne.