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Apr 22, 2016

On April 22, 2016, SEMAFO Inc. (Semafo) completed a public offering of 26,450,000 common shares, including the exercise in full by the underwriters of the over-allotment option, at a price of $4.35 per common share, for aggregate proceeds to Semafo of approximately $115 million.

The offering was underwritten, on a bought deal basis, by a syndicate of underwriters co-led by BMO Nesbitt Burns Inc. and Clarus Securities Inc. and which included Macquarie Capital Markets Canada Ltd., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Paradigm Capital Inc., RBC Dominion Securities Inc., TD Securities Inc., Haywood Securities Inc., and Raymond James Ltd.

Semafo plans to use the net proceeds of the offering for exploration expenditures at its Mana and Natougou properties, to further enhance its financial flexibility with respect to the Natougou project, and for working capital and general corporate purposes.

Semafo was represented by an in-house team of Eric Paul-Hus, Vice-President, Law, Chief Compliance Officer and Corporate Secretary, and Mireille Tremblay, Legal Advisor. Semafo was also represented by McMillan LLP as external counsel, with a team including Kosta Kostic and David Andrews (corporate/securities) and Herb Ono (U.S. securities).

The underwriters were represented by Pierre Dagenais, Denno Chen, Kaitlind de Jong and Victoria Riley (corporate/securities) from Norton Rose Fullbright Canada LLP.