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Monday, 24th November 2008 (1539 views)

Red Back Mining has announced that it has increased the size of a bought deal by 50 per cent to CN$60 million (£32 million).

The Canadian gold miner claims that "strong investor demand" has led to the move, as the issue was three times oversubscribed.

Cash raised through the deal will be used to fund expansion at the Chirano and Tasiast mines in Ghana and Mauritania respectively.

Within hours of announcing a CN$40 million offering, the company extended the deal from 11.43 million shares to 17.15 million common shares.

Based in Ottawa, Red Back Mining is becoming a leading African gold producer with key projects at the Chirano gold mine and the Tasiast gold mine and an extensive exploration portfolio in the continent.

The company recently revealed that it started to mine the first ore from its high-grade one million ounce Akwaaba Deeps underground deposit at the Chirano mine on November 19th this year.

 

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