Nov 5 (Reuters) - Canadian miner Linear Gold Corp said its 9.05 million units equity offering was priced at C$2.10 each, a discount of 10 percent to the stock's Wednesday close.
Linear shares were trading down 16 percent or 37 Canadian cents at C$1.97 on the Toronto Stock Exchange.
The company said a syndicate of underwriters led by Cormark Securities Inc would also buy 520,000 flow-through common shares at C$2.40 a share, in addition to the 9.05 million units. Linear expects gross proceeds of C$20.3 million ($19.11 million).
The company said it would use the proceeds for the exploration, development and construction of its goldfields development project and for general working capital purposes.
($1=1.062 Canadian Dollar)

(Reporting by Krishna Chaithanya in Bangalore; Editing by Pradeep Kurup) Keywords: LINEARGOLD/ (krishna.chaithanya@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: krishna.chaithanya.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.