Pegasus Gold Will Make Stock Offering

Spokane-based Pegasus Gold Corp. announced Monday that it will sell 4.5 million common shares to an underwriting syndicate.

The shares, worth $69.5 million, will then be sold to the public in Canada and the United States on a prospectus-basis only, the company said.

The syndicate has an option to purchase another 1.5 million common shares from Pegasus, which would be worth an additional $23.2 million.

Pegasus will use the cash made from the sale to pay for capital projects at its properties Australia, Chile and in the United States, the company said.

, DataTimes