Agbaou gold pour (CNW Group/Endeavour Mining Corporation)"

Agbaou gold pour (Endeavour Mining Corporation)

VANCOUVER, CANADA - FRIEND OR FOE, TAKE THE DOUGH...

Mark O'Dea's True Gold Mining has just announced a $36.6-million bought deal financing with RBC Capital Markets of $0.40 units with a half warrant at $0.47 good for six months. Concurrently, Liberty Metals and Mining, True Gold's largest shareholder, has has elected to exercise their participation rights and are subscribing for an additional $8.5 million, meaning total gross proceeds to True Gold will be $45 million, or possibility a bit more if the underwriters exercise their over-allotment option. The funds will be used to build the proposed Karma gold mine in Burkina Faso, West Africa, which yesterday received its official exploitation (mining) permit, and for working capital purposes. True Gold is also in the middle of raising $90 million debt for Karma, announced January 15, 2014.

Lydian International also announced a $15 million bought deal of common shares at $1 per share for its Amulsar gold project in Armenia. The financing will be led by by GMP Securities LP and Scotia Capital, and will include BMO Capital Markets and National Bank Financial. This follows the appointment of a new president and CEO at Lydian yesterday, where ex Alacer Gold president, Howard Stevenson, has taken the reigns at Lydian to advance Amulsar, considered one of the best quality gold projects available in the hands of a junior by the likes of Exploration Insights editor Brent Cook. Mr. Cook sold his Lydian shares last summer after the Armenian government said Amulsar was too close to that nation's largest freshwater lake for future heap leach mining operations. Cook considered that move "political" and holds high hopes that Lydian and the government will be able to come to terms. Obviously, so does the syndicate of underwriters leading the financing...

Cordoba Resources, which is exploring for copper and gold in Colombia, and Dalradian Resources, which is advancing the Curraghinalt gold project in Northern Ireland, have also announced intentions to raise greater than $10 million for their projects this month.

For the time being the financing window for quality junior gold miners appears to be open and the experienced financiers behind True Gold, Lydian, Cordoba, and Dalradian are taking advantage.

Related: Good day for Canadian gold miners in West Africa