Campbell Resources raises $8.6 million in rights offering

Toronto-based Campbell Resources (TSE) has raised $8.6 million through the issuance of 19.6 million shares under a recently completed rights offering. The offering entitled each shareholder to subscribe for one common share of Campbell at a price of 44 cents per share for every four common shares currently held. Northgate Exploration (TSE), Campbell’s largest shareholder, exercised all of its rights and also purchased all shares available, pursuant to the terms of the rights offering, that were not taken up by other shareholders.

Northgate acquired nearly 18.9 million shares to hold a total of 34.5 million shares of Campbell. That total represents an increase in Campbell to about a 34.7% interest.

Northgate said it has acquired the additional shares in Campbell in order to increase its investment and may at some time in the future further increase that interest.

In the first nine months of last year, Campbell produced 54,200 oz. of gold and is currently conducting a major expansion of its Joe Mann mine in northwestern Quebec.