Generation Mining (GENM.C) has closed its bought deal offering raising C$10M in the process while a concurring private placement of C$0.7M closed as well. Per the bought deal terms, a unit was priced at C$0.52 with each unit consisting of one share and ½ warrant with each full warrant allowing the participant to acquire an additional share at C$0.75. Should all 10.28M warrants be exercised (they are currently still out of the money), Generation Mining would receive an additional C$7.7M.
The current cash position of Generation Mining will now be sufficient to complete the earn-in agreement to boost its stake in the Marathon PGM deposit to 80% as approximately C$4M has already been spent which means Generation Mining could now accelerate its spending to earn the 80% stake way before the four year period is over in the summer of 2023.
Generation Mining has now also ended its search for a new CFO as it has hired Brian Jennings to fill that position. Jennings resigned from the board of directors to ensure the level of independency of the board remains high, and Generation has appointed Cashel Meagher as his replacement. He is currently the COO of HudBay Minerals having evolved into that role from his previous position as VP Exploration.
Disclosure: The author has a long position in Generation Mining. Generation Mining is a sponsor of the website.
