By Sheri Kasprzak
Atlanta, Dec. 16 - Red Back Mining Inc. said Thursday it will raise up to C$11 million in a private placement.
The company will issue up to 5,789,474 shares at C$1.90 each.
On Thursday, the company also announced that it completed a US$43 million debt facility with Macquarie Bank Ltd., which satisfies a capital requirement for the development of the company's gold mine in Ghana.
Based in Vancouver, B.C., Red Back is a resources exploration company. It plans to use the proceeds from the private placement for exploration of its Ghanaian projects and for general corporate purposes.
| Issuer: | Red Back Mining Inc.
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| Issue: | Stock
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| Amount: | C$11 million
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| Shares: | 5,789,474
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| Price: | C$1.90
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| Warrants: | No
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| Announcement date: | Dec. 16
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| Stock price: | C$1.70 at close Dec. 7 (last trade)
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