Brigus Gold Corp., recently formed through the merger of Apollo Gold and Linear Gold, has announced it is raising $12 million through the private placement of flow-through shares.
The company is also granting the option to offer an additional $2 million worth of shares at a price of $1.40 each, exercisable in whole or in part at any time up to the close of the financing on or about July 29.
Proceeds will be used for exploration and development at the Black Fox gold mine 65 kilometres east of Timmins, as well as the adjoining Grey Fox-Pike River project.
Brigus also holds projects in Saskatchewan, Mexico and the Dominican Republic.
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