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Mining News March 18, 2020 01:30:46 PM

Midas Gold Announces Further Developments at Stibnite Gold Project

Paul Ploumis
ScrapMonster Author
The proceeds from the offering will be utilized towards carrying out permitting and feasibility studies at its flagship Stibnite gold project in Valley County, Idaho.

Midas Gold Announces Further Developments at Stibnite Gold Project

SEATTLE (Scrap Monster): Midas Gold Corp. announced that it has completed previously announced offering of senior unsecured convertible notes issued by a wholly owned subsidiary of the company. The offering has raised total gross proceeds of C$47.6 million (approximately $35 million). 

All of the notes were purchased by purchased by Paulson & Co., Inc. and no notes or common shares were taken up under the proposed brokered portion. The New York-based investment management firm owns nearly 3.56% ownership in Midas Gold’s share capital. The notes are convertible into common shares of the company at C$0.4655 per share, said company press release.

The proceeds from the offering will be utilized towards carrying out permitting and feasibility studies at its flagship Stibnite gold project in Valley County, Idaho, which is considered as one of the largest gold depositories in the country.

Stephen Quin, President & CEO of Midas Gold Corp. stated that the company is appreciative of the continued support of Paulson in completing the offering of notes. The company is now in a position to pursue further progress in Stibnite Gold Project, he added.

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