Rainy River Resources has raised $55 million for its gold project in northwestern Ontario. The Vancouver exploration firm announced Feb. 25 it had closed a private placement of an aggregate of 11,114,000 units priced at $4.95 per unit.
Rainy River Resources has raised $55 million for its gold project in northwestern Ontario.
The Vancouver exploration firm announced Feb. 25 it had closed a private placement of an aggregate of 11,114,000 units priced at $4.95 per unit. The offering involved a team of underwriters led by Wellington West Capital Markets.
The net proceeds will be used to advance its Rainy River Gold Project and for working capital purposes. Rainy River conducted a drilling program to outline its main gold resources in preparation for scoping and pre-feasibility studies as well as testing gold targets within a large gold system in Richardson Township.
The company's holdings are located west of Fort Frances, near the U.S. border.
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