Gran Colombia ups stake in Western Atlas
Midtier gold miner Gran Colombia has increased its equity position in explorer Western Atlas Resources, which focuses on an exploration project adjacent to Agnico-Eagle’s mines in Nunavut.
Gran Colombia increased its stake to about 25.8% through a non-brokered private placement.
The private placement comprised a total of 35 900 000 units at a price of C$0.10 a unit, for gross proceeds of C$3.59-million.
Western Atlas intends to use the proceeds of the private placement for exploration of its Meadowbank project, seeking restitution of the Incredible project, the potential addition to its exploration portfolio and for general administrative purposes.
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