VANCOUVER (miningweekly.com) – Exploration company Corvus Gold has added Coeur Mining as a strategic investor.
Vancouver-based Corvus has completed a C$4.65-million private placement with Coeur Mining at C$0.75 a share, representing 6.23% of the issued and outstanding Corvus stock.
Coeur also has an option to complete a second private placement financing with Corvus for a further C$4.65-million investment by January 2018, at a 5% discount to the ten-day volume weighted average price of Corvus’ share price on the TSX.
Corvus advised that proceeds will be used to advance its new Mother Lode project over next six months.
Corvus in June acquired the prospective Mother Lode property, in Nevada, located about 10 km from its flagship North Bullfrog project, adding the potential for a large satellite operation.