Richmont digs up capital to extend mine life.

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Richmont Mines raised $31 million in gross proceeds to extend the mine life of its Island Gold Mine in northeastern Ontario, and scout around for new reserves.

The gold miner announced June 7 that the corporation had issued 2,990,000 common shares on a bought-deal basis with underwriter Macquarie Capital Markets Canada.

The company said the net proceeds are earmarked for an aggressive exploration program at its cornerstone gold mine near Dubreuilville "as well as potential organic growth opportunities" nearby.

Island Gold's 86,500-metre...

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