La Mancha puts $116m into G Mining
Mineral exploration company G Mining Ventures (GMIN) has closed C$151.3-million in private placement financing for the development and construction of its Tocantinzinho gold project, in Brazil.
The company this week closed the second and final tranche of a private placement agreement, pursuant to which it issued 29-million shares at C$0.80 each to Luxemburg-based La Mancha Investments for total proceeds of C$23.2-million.
In the first tranche, which took place on July 22, a total of C$128.1-million was raised from La Mancha.
Following the closing of the second tranche, La Mancha holds 111 879 265 common shares of GMIN, which represents about 25% of the company’s outstanding common shares. The holdings of Eldorado Gold and Franco-Nevada now total 17.7% and 9.9%, respectively.
Members of the Gignac family, along with GMIN’s directors and officers, are collectively the fourth-largest shareholder holding 7.8% of the outstanding common shares.
La Mancha has nominated managing partner and co-chief investment officer Karim-Michel Nasr to be on the GMIN board and a second nominee will follow at a later date.
“We are pleased to welcome Karim to the GMIN team. Karim’s experience in growing companies into multi-billion corporations will be invaluable in our growth story into the next intermediate gold producer, starting with our fully financed Tocantinzinho project. We look forward to commencing full construction activities at Tocantinzinho, as the early works programmecontinues to progress according to plan,” commented GMIN president and CEO Louis-Pierre Gignac.
With project financing closed, GMIN expects to announce a positive construction decision in the third quarter, with first gold pencilled in for the second half of 2024.
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