FirstMiss Gold (NASDAQ) has signed an agreement with a group of underwriters for a public offering of stock.
The company is seeking gross proceeds of US$126.75 million from the sale of 6.5 million shares of common stock at a price of US$19.50 per share. The underwriters — led by Nesbitt Burns, Salomon Brothers, ScotiaMcleod, S.G. Warburg and Toronto Dominion — have an option to buy up to 975,000 more common shares to cover overallotments.
The proceeds will be used to repay US$15 million in long-term debt owed to First Mississippi (NYSE), as well as US$2 million owed under an interim bank-financing agreement.
The funds will also provide for development of the Turquoise Ridge gold deposit and continued exploration on its Getchell property in northern Nevada.
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