Deals this week: Probe Metals, First Mining Finance, Copper Mountain Mining Corporation


Probe Metals has agreed to raise $13.38m through a private placement of up to 8,383,750 non-flow-through units priced at C$0.95 ($0.72) each, and 3,616,250 flow-through units priced at C$1.50 ($1.14) each.

Goldcorp has shown its interest to participate in the offering, while certain directors and officers of Probe will also purchase a total of 742,000 non flow-through units.

Macquarie Capital Markets Canada and Medalist Capital are leading a syndicate of financiers including Haywood Securities, Cormark Securities, Paradigm Capital, Mackie Research Capital Corporation and Beacon Securities for the transaction.

The transaction is expected to close around 11 August 2016.

"The transaction is expected to close around 11 August 2016."

First Mining Finance (formerly Albion Petroleum) has announced a non-brokered private placement of 20 million units priced at C$0.80 ($0.61) each to raise C$16m ($12.26m).

Proceeds from the offering are intended to be used for property acquisitions, economic studies and resource estimates on the current projects, as well as for general working capital and corporate purposes.

Copper Mountain Mining Corporation has agreed to raise approximately C$6.05m ($4.7.9m) in a deal offering of 11.82 units priced at C$0.55 ($0.42) each to Haywood Securities, the underwriter.

The transaction is expected to close on around 3 August 2016. The underwriter has also been granted a 30-day option to purchase up to an additional 15% of the units from the offering. 

Proceeds from the offering will be used for working capital and general corporate purposes.

Nexus Gold (formerly Alita Resources) has entered a definitive agreement with Bureau D'Etudes des Geosciences et de L'Environnement to acquire the 100% rights in the Bouboulou Exploration Permit located in Burkina Faso, West Africa, in exchange for $1.5m.

Nexus has also been granted an option to acquire up to 75% interest in the property, in lieu of payments of $500,000 and issuance of 900,000 common shares of Nexus over a three year period.

Nexus further has the option to acquire the remaining 25% interest through a cash payment of $1m and the grant of a 1% net smelter return royalty to Bureau D'Etudes des Geosciences et de L'Environnement.