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Saturday, March 16, 2019 - 12:04:41 PM
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Mining News Pro - Continental Gold’s shares surged over 11% on Friday, the same day the Toronto- based miner announced that it obtained a $175 million financing package backed by Newmont and Triple Flag Mining Finance.
According to Mining News Pro - The package includes a $50 million debenture from Newmont, and a $100 million gold and silver stream from Triple Flag . Each of the debentures will be convertible at the holder`s option into common shares of the company at a conversion price of C$3.00 per share, representing a 27.1% premium to the 30-day volume weighted average share price on the TSX. Assuming full conversion of the debenture issued to Newmont only, Newmont`s ownership in Continental would increase to approximately 28%.
Continental Gold is an advanced-stage exploration and development company with a portfolio of 100%-owned gold projects in Colombia.
Proceeds from the financing package will be used for general and working capital purposes and toward construction, commissioning and start-up of the Buriticá project in Antioquia, Colombia.
Short Link:
https://www.miningnews.ir/En/News/347132
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