SEMAFO Inc. (TSX:SMF) (OMX:SMF) today announced it has closed the bought deal financing announced on April 4, 2016. The Company issued a total of 26,450,000 common shares at a price of C$4.35 per common share, which includes the exercise of the underwriters’ over-allotment option in full, for aggregate gross proceeds of C$115,057,500. The Offering was completed by a syndicate of underwriters led by BMO Capital Markets as sole bookrunner and co-led by Clarus Securities Inc.
The net proceeds of the Offering will be used for exploration expenditures at Mana and Natougou, to further enhance the Company’s financial flexibility with respect to the Natougou project as well as for working capital and general corporate purposes.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation currently owns and operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposits of Siou and Fofina, and is developing the advanced gold deposit of Natougou. SEMAFO’s strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.
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