04:25 PM EST, 02/11/2020 (MT Newswires) -- Premier Gold Mines (PG.TO) on Tuesday said it is looking to raise C$33 million in an marketed overnight public share offering, with funds going to its Mercedes and South Arturo mines and the McCoy-Cove project.

The company said it is selling 22 million shares priced at C$1.50 to a group of underwriters led by CIBC Capital Markets and Sprott Capital Partners.

Premier also said it signed a non-binding letter of intent with Orion Mine Finance Fund II LP that will increase its existing gold prepay agreement with the fund by US$15.5 million, with Premier delivering 2,450 ounces of gold to the fund per quarter until June 30 and 1,000 ounces each following quarter until it delivers a total 16,900 ounces of gold

Premier shares closed down C$0.01 to C$1.59 on the Toronto Stock Exchange.

Price: 1.5950, Change: -0.0050, Percent Change: -0.31