Agnico Eagle raises stake in White Gold

The White Gold
District. Credit score: White Gold.

White Gold (TSXV: WGO) has organized a non-brokered non-public placement of flow-through and customary shares to boost proceeds of $9 million.

Pursuant to an investor rights settlement signed in December 2016, Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has indicated that it’ll enhance its curiosity within the firm to 19.9% on a post-offering foundation.

“We’re very grateful for the continued assist of our thrilling and impactful exploration actions within the prolific White Gold District. Particulars on our future actions will offered in the end,” White Gold CEO David D’Onofrio said.

Proceeds from the sale of flow-through shares can be utilized by the corporate for exploration functions, whereas proceeds from the “regular” shares can be for working capital.

The flow-through shares can be issued in two tranches at completely different costs: $0.98 per share beneath the primary tranche and $0.80 per share beneath the second. The widespread shares can be priced at $0.70 every.

White Gold is the most important landholder inside the Yukon’s rising White Gold District, with a portfolio of 31 properties protecting greater than 420,000 hectares, representing over 40% of the district.

The corporate’s flagship and namesake property hosts the Golden Saddle and Arc deposits.

At presstime in Toronto White Gold was buying and selling at $0.70 per share inside a 52-week buying and selling vary of $0.45 and $0.85 per share. The junior exploration firm has a market cap of about $93.2 million.

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