Aquitaine closes C$47m strategic financing with Kinross Gold, Alpayana
Vancouver-based private gold and strategic metals exploration company Aquitaine Metals has completed a nonbrokered strategic private placement with Kinross Gold Corporation and Latin American miner Alpayana, issuing an aggregate of 6.28-million common shares of the company at a price of C$7.50 a share for proceeds of about C$47.1-million.
Following completion of the financing, Aquitaine has 52.21-million common shares issued and outstanding and about C$92-million in cash.
"Having the support of both a leading global gold producer and a mining group with a proven record of operational excellence represents a strong endorsement of Aquitaine and the potential of the Limousin gold and critical metals project.
"With a strong treasury and the support of Kinross and Alpayana, we are well positioned to expand our exploration efforts and unlock the broader potential of the Limousin district,” says Aquitaine Metals CEO Chris Taylor.
The company will use the proceeds of the financing primarily to accelerate exploration at its Limousin gold and critical metals project, in France, with the majority of the funds expected to be directed toward expanding drilling activities and increasing metres drilled.
Some of the proceeds may also be used for general working capital or to expand the company's technical infrastructure and exploration capacity, strengthen its technical and management teams, advance detailed technical research programmes and support ongoing hydrogeological, environmental and community engagement initiatives.
Aquitaine's technical team has identified evidence of critical and strategic minerals, including silver, antimony, tungsten, lead, copper and zinc, that accompany the gold mineralisation across the Limousin district.
The company is systematically analysing all samples for 49 elements.
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