Aim-listed gold miner Nordgold is set to increase its equity interest in gold exploration and development company Columbus Gold – its joint venture (JV) partner on the Montagne d’Or gold mine project, in French Guiana.
According to a news release issued by TSX-listed Columbus, Nordgold will subscribe for 4 671 048 units in a nonbrokered private placement of 10-million units at C$0.20 a unit. This will increase Nordgold’s interest to 9.99% on a nondiluted basis and 11.22% when accounting for the effect of exercising Nordgold warrants.
The Columbus private placement aims to raise C$2-milllion.
The Montagne d’Or gold project is being progressed through the permitting phase.