Amulsar hosts a measured gold resource of 1.8 million ounces at 1.1 grams per ton (g/t) and 0.6 million ounces at 1 g/t indicated. The project also shows an inferred mineral resource of 1.7 million ounces of 0.8 g/t at a cut off grading of 0.3 g/t. According to the company's website, the mineral resource at Amulsar is commonly surrounded laterally and sometimes at depth by a halo of the inferred mineral resource.The same day, True Gold Mining (TSXV:TGM) announced a bought-deal offering valued at approximately $36.6 million. True Gold's agreement with RBC Capital Markets comes by way of a short-form prospectus of 91.4 million units of True Gold consisting of one full common share and one half common share purchase warrant at a price of $0.40 per unit. The company has also granted the underwriters the option to purchase up to 15 percent of the number of units solely to cover over allotments. In the event that the option is exercised, total proceeds from the bought deal will total roughly $42 million. In conjunction with the bought deal, True Gold announced that its largest shareholder, Liberty Metals and Mining Holdings, elected to exercise its participation rights and has purchased 21,181,218 units. Gross proceeds for the company from both financings, prior to the over-allotment options, total $45 million. True Gold plans to use the proceeds of the offering to move ahead with the proposed development and construction of the Karma gold project in Burkina Faso and for working capital. The company recently received its official mining permit for Karma. Lastly, Torex Gold Resources (TSX:TXG) announced an impressive $125-million bought-deal financing on January 21. The Mexico-focused exploration and development company signed an agreement with a syndicate of underwriters led by BMO Capital Markets by way of short-form prospectus for 104.2 million units consisting of one common share and one half common share purchase warrant at a price of $1.20 per unit. The company plans to close the offering on February 12, 2014.
Torex plans to use the proceeds of the offering to fund the development of the El Limon and Guajes projects, as well as for general corporate purposes. The El Limon and Guajes projects are located in the company's Morelos gold property in the highly prospective Guerrero Gold Belt outside of Southwestern Mexico City.As PI analyst Jim Mustard said at the close of the recent Roundup conference in Vancouver, the recent financings are a significant start to the new year. He hopes they establish a trend. Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned. Gold Juniors Announce "Bought Deals," Positive Sign for the Market from Gold Investing News