Pursuant to the Offering, the company today issued 5.45 million common shares at a price of US$17.00 per share, for aggregate net proceeds of approximately US$88 million after underwriting commissions.

The company intends to use the net proceeds from this Offering for the development of mineral properties, working capital requirements, to repay indebtedness outstanding from time to time or for other general corporate purposes.

The company has also granted to the underwriters of the Offering an option, exercisable for a period of 30 days following the closing of the Offering, to purchase additional common shares for additional gross proceeds of up to approximately US$13.9 million.

no surprise there. the good news is that they will have raised $102 million. the bad news is that if they had waited a few months, i think they could have done lot better, but time will tell.

it's just another measure of the good health of the mining industry. in this credit market, every other industry is having trouble borrowing money or raising capital, but there's no problem for mining companies that have good projects and real assets.