TMAC Resources Said to Lift Sale Target 29% in Canada Mining IPO

TMAC Resources Inc., developer of a gold deposit in Canada’s north, boosted the amount it seeks to raise in its initial public offering by 29 percent to C$135 million ($109 million), according to people familiar with the transaction.

TMAC Resources, which initially planned to raise C$105 million, still aims to sell shares for C$6 each, according to the people, who asked not to be identified because the revised terms have yet to be disclosed. The sale would be the first IPO of a mining company on the Toronto Stock Exchange since December 2012.

Spokesmen at TMAC Resources didn’t immediately respond to phone and e-mail requests seeking comment.

TMAC Resources, based in Toronto, said in a June 1 filing with Canadian regulators that proceeds from the sale will be used to develop its Hope Bay project in Nunavut, a high-grade gold deposit.

Bank of Montreal and Canadian Imperial Bank of Commerce are leading a group of banks on the sale, and the underwriters have an option for an additional 15 percent of the offering after it closes, the filing said.

The increase was earlier reported by the Wall Street Journal.

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