Matador’s Cap Ray Gold Project is in the south-western area of Newfoundland, Canada, extending over 120 kilometres along the Cape Ray shear.
Matador will use the proceeds of the offer to accelerate its diamond drilling program from 20,000 metres to 45,000m, as well as up its auger drilling program from three rigs to five.
The funds will also support an inaugural winter exploration program.
A scoping study published last year found that the mine had “potentially strong” financial metrics and a possible seven-year lifespan for the initial mine.
Firm and irrevocable bids are due for the block trade bookbuild by 3pm on Friday.
The company’s trading halt is due to be lifted on Wednesday next week, once confirmation letters regarding the block trade have been distributed.
Get a first look at tomorrow’s headlines
Sign up to the Street Talk First Look newsletter
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at email@example.com
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at firstname.lastname@example.org
Follow the topics, people and companies that matter to you.