Kinross invests in E2Gold
TSX-V-listed E2Gold’s share price jumped 8% on Monday as the company announced that Kinross Gold will be a strategic investor, acquiring a 9.9% shareholding.
Kinross has expressed its intention to support E2Gold’s activities at the district-scale Hawkins gold project, in north-central Ontario, by acquiring units in the junior in a proposed private placement.
Pursuant to the offering, the company will issue units at C$0.06 each, special flow-through units at C$0.085 each and flow-through units at C$0.07 each, in any combination, to raise up to C$3-million.
The gross proceeds raised from the sale of special flow-through units and flow-through units will be used for exploration at Hawkins, where E2Gold is conducting surface exploration in anticipation of a fall-time drill programme.
Funding will also go towards a small initial drill programme at the Band Ore project, west of Thunder Bay.
“We are thrilled to have the support of a world-class mining company such as Kinross. Their commitment as a strategic investor is a testament to the quality of the Hawkins project and the work we’ve completed on the project to date,” said CEO Eric Owens.
“This is another significant milestone in our short history as a publicly traded company.”
The 80-km-long Hawkins gold project, which covers seven townships in north-central Ontario, is about 140 km east of the Hemlo gold mine and 75 km north of the Magino and Island Gold mines. The property is anchored by the McKinnon Zone inferred resource of 6.2-million tonnes, grading 1.65 g/t gold, for 328 800 oz of gold.
E2Gold's stock traded at C$0.065 a share on Monday.
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