Oceana Gold is seeking $C115.5 million ($NZ152 million) in funds on the Toronto Stock Exchange to partially fund the development of the Didipio gold and copper project in the Philippines.
New Zealand's largest gold miner is following the path of a previous fundraising on the TSX by offering special warrants and common shares in the company available as ASX-listed CHESS depository warrants.
Craigs Investment Partners broker Peter McIntyre said although the warrants were traded on the ASX, they had a separate code and would be related back to the Toronto exchange.
Once again, New Zealand investors had missed out, he said.
Part of the fundraising would also be used for extending the mine life at the company's New Zealand operations.
The Toronto deal represented 12% of Oceana's market capital, Mr McIntyre said.
"Over the last three or four months, Oceana has been very good at getting listed on a large number of indices around the world."
It was easier to raise money off the TSX for a mining company as the exchange was well known globally to resource investors, he said.
"Oceana has set itself up to develop Didipio while the outlook for gold and copper prices is looking promising."
In addition to the funds raised from the Toronto offering, Oceana was also considering its options to finance the balance of capital expenditure associated with Didipio.
That might include more debt, internal cash flow or funding from the introduction of a joint venture partner.
