Probe Mines has announced $15 million in bought deal financing.
In a May 10 news release, the company said it has entered into a bought deal letter with a syndicate of underwriters involving Cormark Securities and BMO Nesbitt Burns, who are also acting as joint bookrunners. They will purchase 7,500,000 flow-through units of the company ("FT Units") at a price of $2 per unit for gross proceeds of $15 million. The offering closes May 28.
The gross proceeds from the sale will be used for exploration on its projects in northeastern Ontario.
Probe's key project is Borden Gold Zone near Chapleau. In January, the company said it has $32 million in its treasury. Besides Borden, the company has a 100 percent interest in the Black Creek chromite deposit.
