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Exploration|Gold|Mining|PROJECT|Underground
exploration|gold|mining|project|underground

AngloGold and new European investor back G2’s capital raise

18th July 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Gold mining major AngloGold Ashanti and a new European investor have thrown their weight behind Canadian junior G2 Goldfields’ latest capital raise for its Oko project, in Guyana.

The TSX-V-listed exploration company announced a nonbrokered private placement of 28.97-million shares at C$1.45 a share for gross proceeds of C$42-million.

A single Euorpean investor has agreed to purchase 20-million shares and AngloGold has agreed to buy the balance. Upon closing, AngloGold will own about 15% of the common shares of G2, increasing its position from 12.8%.

The offer is expected to close in early August.

“We are grateful for the considerable support from both AngloGold Ashanti and our significant new European investor,” said G2 executive chairperson Patrick Sheridan.

On closing, G2 will have about C$55 million in working capital. This enhanced working capital position will enable the company to expedite and continue to expand its current exploration programme in the OKO-AREMU district.

The Oko property’s main zone has a combined openpit and underground resource of 495 000 oz in the inferred category and 686 000 oz in the indicated category.  The Ghanie zone has an inferred resource of 604 000 oz and an indicated resource of 236 000 oz.

G2 plans to issue an updated resource estimate in the first quarter of 2025.

The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870s, and G2 believes that modern exploration techniques continue to reveal the considerable potential of the district.

Edited by Creamer Media Reporter

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