10:36 AM EDT, 03/20/2024 (MT Newswires) -- National Bank of Canada noted Wednesday Calibre Mining Corp. (CXB.TO)'s closing of a $100 million bought deal equity financing.

The bank ascribed a neutral bias to the update, saying that the offering provides the company with sizable liquidity increase to de-risk project financing for the Valentine development.

The offering also defers draws on expensive debt and reduces the company's dependency on mine cash flows, the bank said.

National Bank gave Calibre a sector perform rating with a $2.00 price target.

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