- Pure Gold Mining said it had decided to start development activities at its Madsen gold project in Canada after securing a $90m project financing package with Sprott Resource Lending.

The financing would fully fund the costs to develop an underground mine and was comprised of a credit facility for $65m, and a $25m callable gold stream.

Pure Gold said it would immediately commence development activities with a goal of first gold pour by the end of 2020.

'Additionally, the financial flexibility provided by this financing and the recent equity raise of C$47.5m will allow the company to continue to pursue a growth strategy, with exploration drilling expected to continue through the balance of the year,' it added.

At 9:43am: [LON:PUR] Pure Wafer PLC share price was 0p at 38.5p

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