Junior financing roundup: Belo Sun, Prophecy, Largo, Carpathian

Monday, May 25, 2015

Toronto's Belo Sun Mining closed a previously announced private placement financing of Cdn$15mn (US$12.2mn) with Agnico Eagle Mines. As a result, Agnico now owns 17.4% of Belo Sun's issued and outstanding common shares, a press release said.

Belo Sun will use the proceeds to advance the development of the Volta Grande project and for general working capital purposes.

Start your 15 day free trial now!


Already a subscriber? Please, login


Vancouver-based Prophecy Development Corp received approximately Cdn$2.34mn from the previously announced sale of its mining and transportation equipment held by its Mongolian subsidiary Red Hill Mongolia, according to a statement.

The proceeds will be used to repay the company's existing loan from Mongolia's trade and development bank, and to advance its Chandgana Mine Mouth power plant in Mongolia and the Pulacayo silver-zinc-lead project in Bolivia.


Toronto-based Largo Resources closed the second tranche of its Cdn$75mn private placement, with Cdn$55.9mn in proceeds, a company release said.

Proceeds will be used for the development of the Maracás Menchen vanadium mine in Brazil and related corporate purposes.


Toronto-based Carpathian Gold concluded a further extended forbearance and amendment agreement with Macquarie Bank for a project finance facility for the company's Brazilian subsidiary Mineraçao Riacho dos Machados.

Carpathian said in a statement that the agreement provides a US$1.1mn increase in the amount of funds available under the finance facility for a total of up to US$213mn. Currently, around US$212mn has been drawn. The forbearance period expires on May 29.