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Sandstorm liquidates position in Pinecrest Resources

12th April 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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VANCOUVER (miningweekly.com) – Gold streaming and royalty firm Sandstorm Gold has sold ten-million common shares, or 18.2%, of Africa-focused junior explorer Pinecrest Resources, raising gross proceeds of C$21-million.

The transaction reduces Sandstorm’s holdings in Pinecrest to zero.

However, Sandstorm retains ten-million share purchase warrants of Pinecrest, which if exercised, would result in Sandstorm holding 13.9% of the then issued and outstanding Pinecrest shares, on a partially diluted basis.

Pinecrest is a Vancouver-based explorer that is conducting mineral exploration and development of its 100% owned Enchi gold project, in Ghana.

Pinecrest has recently raised C$1.5-million, which it will put to work on achieving its goals at Enchi.

Sandstorm and Pinecrest entered into a strategic alliance in 2014 to develop Enchi, which is also part owned (19.9%) by Kinross Gold, and currently holds about one-million ounces of gold in the inferred resource category.

Edited by Creamer Media Reporter

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