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Metanor gains Kirkland Lake as strategic investor as it closes $8.85m placement

24th April 2017

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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JOHANNESBURG (miningweekly.com) – Project developer Metanor Resources has gained midtier gold miner Kirkland Lake Gold as a strategic investor, the company disclosed on Monday as it announced the closing of a private placement to raise funds for its Bachelor and Barry projects, in Quebec.

Kirkland Lake acquired 10 357 143 units of Metanor to the value of $7.25-million, which the miner says is for investment purposes, and it now owns or controls about 13.7% of the junior firm.

The investment forms part of a larger $8.85-million offering in which Wexford Capital also participated. Wexford owns or controls 14.2% of the common shares of Metanor.

“These additional funds, coming from established partners having extensive management and operational expertise, will enable us to further develop our main assets: the Bachelor and Barry projects, while increasing the drill campaigns in the Urban-Barry area," says president and COO Pascal Hamelin.

Edited by Creamer Media Reporter

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