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Rubicon announces equity financing deal

Rubicon Minerals has raised more than a $100 million to develop its Phoenix Gold Project in Red Lake. The company announced Feb. 19 that it had entered into a deal with a group of underwriters, including TD Securities Inc.
Northern Ontario Business Staff
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Rubicon Minerals has raised more than a $100 million to develop its Phoenix Gold Project in Red Lake.

Rubicon Minerals has raised more than a $100 million to develop its Phoenix Gold Project in Red Lake.

The company announced Feb. 19 that it had entered into a deal with a group of underwriters, including TD Securities Inc. and BMO Capital Markets, by issuing 64.6 million units of the company for $1.13 million. The closing will take place March 12.

The Vancouver-based miner completed sinking the shaft in Red Lake last December and construction was continuing to finish a mill building, earthworks and a work camp. Underground development is also underway.