Despite of the ongoing economic turmoil, two Vancouver gold mining firms have raised $100 million on the public markets.
Vancouver's Red Back Mining Inc. (TSX:RBI), which is developing the Chiara gold mine in Ghana and the Tasiast gold mine in Mauritania, raised $60 million from a public offering of shares announced a month ago.
The proceeds of the share offering will be used to fund capital expansion of the company's two gold mining projects and for general corporate purposes. The company reported third-quarter net income of $10.6 million from the sale of 63,504 ounces of gold.
Meanwhile, Vancouver's Minefinders Corp. Ltd. (TSX:MFL) raised $40 million in a bought deal offering of units purchased by a syndicate of underwriters. The company, which became a producing gold company in November, plans to use the funds to enhance working capital and reduce debt.
Red Back's share price range during the past week: between $5 and $6.50; 52-week high: $9.25; 52-week low: $3.28.
Minefinder's share price range during the past week: between $3.39 and $3.95; 52-week high: $14.05; 52-week low: $3.33.