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.