Vancouver-headquartered exploration company Gold Standard Ventures announced on Tuesday that mining firms Goldcorp and OceanaGold would participate in the company’s C$10.5-million private placement.
TSX-listed Goldcorp would spend about C$6-million to acquire 2 926 829 shares in the C$2.05-a-share private placement, increasing its interest in the explorer’s issued shares to about 13.6%.
TSX- and ASX-listed OceanaGold would acquire 975 609 shares for C$2-million and would own about 40 459 161 shares of Gold Standard, representing about 15.58% of the company’s issued and outstanding common shares.
Gold Standard said that it could also conduct a non-brokered private placement with certain other investors of up to 1 219 512 shares at the offering price, for gross proceeds of up to C$2.5-million.
The net proceeds of the placement would be used for exploration and early-stage development at the company’s Railroad-Pinion project, in the prolific Carlin Trend, in Nevada, and for working capital purposes.