Canadian gold exploration and development company Victoria Gold Corp. is planning to raise at least around C$30 million ($22.5 million) in a share offering on a bought deal basis.

Victoria has granted the underwriters, led by BMO Capital Markets, an option, to buy up to an additional 15 percent of the common shares to cover over-allotments.

The company intends to use the net proceeds for construction and operations of the Eagle Gold Mine and general corporate purposes.

The offering, subject to Victoria receiving all necessary regulatory approvals, is expected to close on or about April 2, 2019.