Lake Shore Gold Corp. (TSX: LSG), whose Timmins Mine is 18 kilometres west of Timmins, has successfully closed a private placement financing with Hochschild Mining Holdings Ltd. worth $85 million.
The money will be used to fund the company's "aggressive growth plans," said Lake Shore CEO Tony Makuch in a release.
The financing gives Hochschild ownership and control over 37.6 per cent of Lake Shore.
This money is in addition to the flow-through financing Lake Shore announced in November, generating $15 million in net proceeds and due to wrap up in early 2010.
Lake Shore recently wrapped up a friendly takeover of West Timmins Mining.
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