Generation Mining Lands C$340 Million in Final Financing for Marathon Project

Generation Mining, based in Toronto and listed on the TSX as GENM and OTCQB as GENMF, has secured C$340 million in final financing for its Marathon copper-palladium project in Northwestern Ontario.

The funding is part of a larger C$1.3 billion capital package that includes C$190 million in federal anchor commitments from the Canada Growth Fund (CGF) and the Canada Infrastructure Bank (CIB).

Generation Mining arranged a public offering of 312.5 million common shares at C$0.64 per share, backed by C$100 million in combined commitments from CGF, Wheaton Precious Metals (TSX:WPM,NYSE:WPM), and Glencore Canada.

The company also executed a life-of-mine supply agreement with Glencore AG, which will purchase 100 percent of the project's polymetallic copper concentrate during the first two years of commercial production and from year 13 onward.