OceanaGold Corp gains a foothold in Nevada
TORONTO (miningweekly.com) – Triple-listed miner OceanaGold has agreed to acquire a 14.9% stake in explorer Gold Standard Ventures, that would give OceanaGold exposure to the Railroad-Pinion project, in north-central Nevada.
OceanaGold would subscribe for nearly 25-million Gold Standard shares on a private placement basis, at a price of C$0.65 apiece.
Under the terms of the deal, provided that OceanaGold held no less than 9.9% of the then issued and outstanding common shares of Gold Standard, OceanaGold would have the right to request that Gold Standard form a technical committee and the ability to nominate at least one representative of the four-person team.
The agreement also contained antidilution rights. OceanaGold would be able to participate in any future equity financing undertaken by Gold Standard to acquire up to 19.9% of the then issued and outstanding common shares after the statutory hold period had expired four months and one day after the investment closed.
OceanaGold also acquired the right of first refusal to match any third-party offers regarding a tolling arrangement or a nonequity financing for the purpose of funding the future exploration and development of any of Gold Standard’s assets.
"Our investment highlights the quality and potential of the Railroad-Pinion project. We also view this as an opportunity to gain exposure to another jurisdiction and one of the most prolific gold belts in the world,” OceanaGold MD and CEO Mick Wilkes said.
The transaction was expected to close next week.
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