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Generation Mining announces capital raising led by Eric Sprott

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(Kitco News) - Generation Mining (TSX: GENM) announce today a fully subscribed non-brokered private placement of 4,295,000 common shares for gross proceeds of C$3,307,150.

Generation Mining informs that approximately 47% of the offering will be subscribed to by a company controlled by Eric Sprott, making it the largest shareholder of the company’s common shares.

“We are very grateful for the continued support of our shareholders, including Mr. Sprott, now our largest shareholder,” stated President and CEO Jamie Levy.

According to the company, after closing this flow- through financing, Generation Mining will have more than $12 million in the bank.

“This financing will allow Generation Mining to follow up on the results of our 2020 exploration season, while continuing to work on our feasibility study and permitting in 2021,” continued Mr. Levy.

Generation Mining’s focus is the development of the Marathon palladium project, the largest undeveloped platinum group metal mineral resource in North America.

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