On April 2, 2019, Victoria Gold Corp. closed a bought deal financing and concurrent private placement for total gross proceeds of approximately $34.4 million.
Pursuant to the bought deal, Victoria Gold Corp. issued an aggregate of 10,020,695 common shares, which reflects the partial exercise of the underwriters’ over-allotment option on April 5, 2019, at a price of $0.44 per common share for gross proceeds of approximately $4.4 million and 28,310,000 flow-through common shares at a price of $0.53 per flow-through common share for gross proceeds of approxinately $15 million, for aggregate gross proceeds from the bought deal of approximately $19.4 million. The bought deal was completed by a syndicate of underwriters led by BMO Nesbitt Burns Inc., and including Cormark Securities Inc., Echelon Wealth Partners Inc. and PI Financial Corp.
Concurrent with the completion of the bought deal, Victoria Gold Corp. completed a private placement with Osisko Gold Royalties Ltd. Pursuant to the private placement, Osisko Gold Royalties Ltd. purchased 34,090,909 common shares at a price of $0.44 per common share for additional gross proceeds of $15 million.
Cassels Brock acted for the underwriters with a deal team that included Jay Goldman, David Gardos, Jackson Phillips and David Singh (Mining and Securities) and Chris Norton (Tax).