|Date Announced:||June 01, 2015|
|Date Closed:||July 07, 2015|
|Client Name:||BMO Nesbitt Burns Inc.|
On July 7, 2015 TMAC Resources Inc. ("TMAC") completed an initial public offering ("IPO") of common shares to raise aggregate gross proceeds of $135 million, and on August 11, 2015 TMAC completed the offering of additional common shares pursuant to the exercise of an over-allotment option to raise additional gross proceeds of $20 million, for total IPO proceeds of $155 million. The IPO was made through a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc. and including Dundee Securities Ltd., GMP Securities L.P., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. TMAC is in the process of developing its principal asset, a 100% interest in the Hope Bay Gold Project in the Kitikmeot region of Nunavut.
Together with proposed debt financing in the amount of US$120 million, TMAC expects that the IPO will provide TMAC with over $350 million in total financing towards its target if initiating first gold production from the Doris deposit of the Hope Bay Gold Project by the end of 2016.
Bennett Jones acted as counsel to the underwriters with a team led by Norm Findlay and Aaron Sonshine and including Christopher Doucet and Will Edwards (Capital Markets, M&A and Mining); Martin Sorenson (Tax) and Simon Grant (Financial Services).