Linear raises $25m

On the strength of drill results from the Campamento deposit in Chiapas, Mexico, Linear Gold (LRR-T) has closed a $25-million brokered financing.

Sprott Securities and Orion Securities co-led a syndicate that included Haywood Securities, Fort House, Jennings Capital, and Pacific International Securities.

The private placement consisted of 3.2 million units priced at $7.75 apiece. A unit consists of one share and a quarter of a warrant. A full warrant entitles the holder to buy an additional share at $8.50 for 12 months.

Linear now has $29.6 million in cash and 20.4 million shares outstanding.