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| Home : Continental Gold Announces Strategic Investment by Newmont Mining and Investment by RK Mine Finance |
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May 12
2017 |
Continental Gold Announces Strategic Investment by Newmont Mining and Investment by RK Mine Finance |
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TORONTO, ON--(Marketwired - May 11, 2017) - Continental Gold Inc. (TSX: CNL) (OTCQX: CGOOF) ("Continental" or the "Company") is pleased to announce that Newmont Mining Corporation ("Newmont") has agreed to purchase 37.38 million common shares of the Company at a price of C$4.00 per share for a total investment of US$109 million in a non-brokered private placement (the "Newmont Private Placement"). Concurrently with Newmont's investment in Continental, RK Mine Finance Master Fund I Limited ("Red Kite") has also agreed to purchase 8.59 million common shares of the Company on a private placement basis at a price of C$4.00 per share for a total investment of US$25 million, as contemplated in Continental's secured project credit facility (the "Credit Facility") with Red Kite. After giving effect to the private equity placements, Newmont and Red Kite will own approximately 19.9% and 4.6%, respectively, of the issued and outstanding common shares of Continental on a non-diluted basis. The private placements will not close before May 18, 2017 post receipt of regulatory approvals, including by the Toronto Stock Exchange. |
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| Source:http://www.marketwired.com/mw/release.do?id=2215624&sourceType=3 |
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