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.