Vancouver – Placer Dome (PDG-T) is strengthening its bank balance through its largest ever underwritten equity offering of 18.5 million shares priced at US$22 apiece.
The financing will see US$407-million raised for the company plus an additional US$59.4-million if underwriters exercise their option for a further 2.7 million shares for any over-allotments.
Lead underwriters for the offering are CIBC World Markets and Scotia Capital, with several other major financial investment firms participating in the financing.
Beyond the standard disclosure by Placer that the funds will be used for general working capital, it is anticipated an amount will be allocated towards funding of new project development.
In its recent third quarter report, Placer reported a cash and cash equivalent balance of US$641 million.
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