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6/6/16

Just when you though Primero Mining (P.to) (PPP) couldn't be any more laughable...

...they do this:

Primero Mining Corp. ("Primero" or the "Company") (TSX:P)(NYSE:PPP) today announces that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets, pursuant to which the underwriters have agreed to buy on a bought deal basis, 19,150,000 units of the Corporation ("Units") at a price of C$2.35 per Unit (the "Offering"), representing aggregate gross proceeds to Primero of C$45,002,500. Each Unit entitles the holder to acquire, for no additional consideration, one common share ("Common Share") of Primero and one-half of one common share purchase warrant (each whole common share purchase warrant a "Warrant") of Primero.
Each full Warrant will entitle the holder thereof to purchase one Common Share of the Corporation at a price of C$3.35 per Common Share, for a period of 24 months following continues here

Waddya say, Tin Man?


As for the reason for the raise, we can run a mini Ottotrans on the part of tonight's Primero NR which explains that the net proceeds of the Issue will be used to...
"...advance development at the Company's San Dimas and Black Fox mines as well as for exploration, working capital and general corporate purposes."

...because it translates into two words:

"...pay lawyers."