The bulk of the funds came from a placement of about 125.7 million shares at 18c each to professional and sophisticated investors, raising $22.6m. Chengtun Gold, a subsidiary of Chengtun Mining Group, provided a $14.5m cornerstone investment.
The Rae project in Nunavut is firming as a large-scale copper discovery with drilling adding to the Hulk prospect’s credentials as a sediment-hosted target.