Cumberland tops up kitty

In preparation for the launch of a bankable feasibility study on its wholly owned Meadowbank gold project in Nunavut, Cumberland Resources (CBD-T) has arranged a $6.5-million brokered private placement financing with Dundee Securities and Canaccord Capital.

The financing will consist of up to 2.5 million flow-through shares priced at $2.60 apiece. Cumberland currently sits with a working capital of $12 million.

A new resource estimate based on the results of this past year’s drilling at Meadowbank will be completed in the first quarter of 2003.