LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) has successfully closed public and private offerings, raising aggregate gross proceeds of more than C$11 million, the company announced on June 9. The funds will be used to restart gold production at the company’s Beacon Gold Mill, sourcing mineralized material from its Swanson Gold Deposit in Quebec’s Abitibi Gold Belt, Canada’s largest gold-producing region.
The offerings, which included a public offering and a private placement, generated gross proceeds of C$11,015,760. LaFleur plans to allocate the capital toward restarting gold production at Beacon and continuing aggressive drilling programs on the Swanson Gold Project and the newly acquired McKenzie East Gold Project. The company’s near-term production strategy is bolstered by the meteoric rise in gold prices over the past year and a half, combined with LaFleur’s low base-case planning, which positions the company to be firmly profitable once production resumes.
LaFleur Minerals is a near-term gold producer focused on advancing its portfolio of gold assets in Quebec. The Beacon Gold Mill, located in the Abitibi region, has been idled but is expected to resume operations with the infusion of capital from the offerings. The Swanson Gold Project, which contains the Swanson Gold Deposit, is a key asset that will supply mineralized material to the mill. Additionally, the newly acquired McKenzie East Gold Project adds further exploration upside.
The company also disclosed details about the service commission tied to the offerings and the qualifying exploration expenses that will be linked to its charitable flow-through shares. All scientific and technical information in the announcement has been reviewed and approved by Louis Martin, P.Geo. (OGQ), Exploration Manager and Technical Advisor of the company, and is considered a Qualified Person under NI 43-101.
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