Sulliden 12 month chart (Stockwatch)

Sulliden 12 month chart (Stockwatch)

A favorite gold takeover candidate, Sulliden Gold (SUE:TSX) announced a $40 million bought deal financing priced close to market at $1.02 per share (versus last close of $1.10).  The underwriters include National Bank and Scotia Capital.  This should be viewed positively, although the market may sell down closer to the pricing of the offering.

The proceeds are being used to advance their recently permitted (see report here) Shahuindo gold project which represents roughly 1/3 of the $130 million it will cost to build, further de-risking the project.

Here’s the release:  Sulliden Announces $40 Million Bought Deal