Teranga Gold Corporation (TSX:TGZ) (ASX:TGZ) announced today that it has completed the previously announced offering of 32,500,000 common shares of the Company on a bought deal basis at a price of $1.05 per Common Share through a syndicate of underwriters co-led by RBC Capital Markets and Cormark Securities Inc. and including BMO Capital Markets for gross proceeds of approximately $34.1 million. At the closing of the Public Offering, the Underwriters also partially exercised their over-allotment option and purchased an additional 2,155,000 Common Shares from Teranga at the same price of $1.05 per Common Share for additional gross proceeds of approximately $2.3 million.
As previously announced, an additional 29,500,000 Common Shares were also issued on a non-brokered private placement basis at the same price of $1.05 per Common Share to Tablo Corporation for gross proceeds of approximately $31 million. Following completion of the Concurrent Private Placement, Tablo Corporation, controlled by David Mimran, holds a total of 97,981,960 Common Shares, or 18.26%, of the issued and outstanding Common Shares (calculated on a non-diluted basis and not including the exercise of the balance of the over-allotment option).
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
About Teranga Gold
Teranga is a multi-jurisdictional West African gold company focused on production and development as well as the exploration of more than 5,000km2 of land located on prospective gold belts.
Since its initial public offering in 2010, Teranga has produced more than 1.2 million ounces of gold from its operations in Senegal where it is uniquely positioned with the only commercial gold mill in country. Concurrent with its production and development activities, exploration programs are underway to increase its reserve base through resource conversion and making major new discoveries. Teranga has a strong balance sheet and the financial flexibility to continue to grow its business.
Steadfast in its commitment to set the benchmark for responsible mining, Teranga operates in accordance with the highest international standards and aims to act as a catalyst for sustainable economic, environmental, and community development as it strives to create value for all of its stakeholders.
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