Victoria Gold Corp. (OTC Other: VITFF; TSX-V: VIT) has completed a $30 million bought deal financing, including approximately $21.5 million at $0.46 per common share and approximately $8.5 million at $0.55 per common flow-through share. Net proceeds from the sale of common shares will be used for development of the Eagle Gold Deposit, exploration and general corporate purposes. The gross proceeds from the sale of common flow-through shares will be used for Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), related to the exploration of the Company’s Yukon projects.
According to John McConnell, President and CEO, “Completing this financing during these difficult market conditions speaks to the quality of Victoria’s assets and strength of our team. We expect the proceeds from this offering to see us through to a project financing decision and the start of construction of the Eagle Gold Mine.”