TORONTO (http://www.cementprocesscrusher.com) – TSX Venture Exchange-listed Century Mining has signed all the documentation and agreements related to its $33-million prepaid gold forward facility and a C$17-million private placement, the firm reported on Thursday.
The financings will close after the holiday weekend, in the week of December 28, Century said.
The company is raising money to start up its Lamaque project, in Quebec.
„The signings of the prepaid gold forward agreement and the equity subscription agreements are major milestones for the company and all of its stakeholders,s aid CEO Margaret Kent.
“With the funding of these financings next week, we will have achieved the final step to allow the Lamaque gold project in Val d’Or, to advance towards production in early 2010,” she said.
When the funding is received, the company will immediately pay the remaining C$3,5-million reclamation guarantee requested by by the Ministry of Natural Resources of Quebec.
Century also reported that it has closed a flow-through equity financing for gross proceeds of C$4-million.
The firm sold 20-million units, each comprising a flow-through share and one-half of a share-purchase warrant, for C$0,20 a unit.
“This $4-million allows the company to continue its exploration, development, and resource delineation program at the Lamaque gold project,” Kent said.
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