Bringing the total shares outstanding to 113,372,438. However, to add insult to injury, PLG warned again that further financing is needed. At November 30, 2016, the Company held $27.507 million in cash. In order to achieve positive cash flow and to maintain its working capital covenants under existing loan facilities, the Company estimates that it will need to source $5 million to $15 million of additional funding by way of refinancing its existing debt, the issuance of new debt, private or public offerings of equity or the sale of project or property interests. The Company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about January 31, 2017 and is subject to customary closing conditions including, but not limited to, Toronto Stock Exchange and NYSE MKT approvals. The Company intends to use the net proceeds of the Offering [I] for underground development and production ramp-up of the Maseve Mine; [II] for working capital during start-up; and [III] for general corporate purposes. Assuming that the additional 15% will be exercised which is almost always the case, the company will issue a total of 19,693,750 shares at $1.46 or a total proceeds of $USD 28.753 million. This is another dilution of 17.4% with a new total shares outstanding now at 133,066,182 shares.
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