On July 7, 2015, TMAC Resources Inc. completed an initial public offering of common shares for aggregate gross proceeds of C$135 million. Under the offering, TMAC issued 22,500,000 common shares at a price of C$6.00 per common share. The distribution of the common shares under the IPO was qualified by way of prospectus dated June 26, 2015, filed with the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec. The underwriting syndicate for the IPO was led by BMO Capital Markets and CIBC, and included Dundee Securities Ltd., GMP Securities L.P., National Bank Financial Inc., Scotia Capital Inc. and TD Securities Inc. TMAC's common shares commenced trading on the Toronto Stock Exchange under the symbol "TMR" at the opening of trading on July 7, 2015. The net proceeds raised under the IPO will be used to advance the Hope Bay Project to planned first production by the end of 2016, for exploration activities and general corporate purposes.
On August 11, 2015, the underwriters exercised their option to purchase an additional 3,350,000 common shares at a price of $6.00 per common share. Aggregate gross proceeds from the exercise of the over-allotment option were $20.1 million, bringing the aggregate gross proceeds of the IPO to C$155.1 million.
TMAC's IPO was the first IPO of a mining company on the Toronto Stock Exchange since 2012.