Snowline Gold (TSXV: SGD) will raise $15 million in an agreement with Cormark Securities to purchase two million flow-through shares of the company at $7.50 per share.
The money will be used to explore the Valley discovery, the broader Rogue project, and additional targets in Snowline’s Yukon-focused exploration portfolio.
Scott Berdahl, Snowline CEO and director, said the $15 million, when combined with the company’s current cash, means the Vancouver-based miner is “well positioned to focus on building value through discovery for multiple drill seasons.”
The offering is expected to close on or about Sept. 6, 2023, and is subject to certain conditions including regulatory and other approvals.
Snowline Gold has an eight-project portfolio covering more than 333,000 hectares of land in the Yukon. Its flagship property is the 94,000-hectare Rogue gold project in the underexplored Selwyn basin.