KORE Mining receives continued support from major shareholders
The share price of TSX-V-listed KORE Mining rose 18% after the company on Friday announced a follow-on strategic investment from its two major shareholders.
Investor Eric Sprott, through 2176423 Ontario, and Macquarie Bank are subscribing for a private placement of C$3-million, consisting of 6 666 666 shares at C$0.45 a share.
KORE’s shares traded at $0.59 a share on Friday.
President and CEO Scott Trebilcock commented that the continued support by its major shareholders was a “strong endorsement for KORE's portfolio of advanced gold assets”.
"KORE remains committed to pursuing value through exploration and development. The company is immediately commencing follow-up work on high priority Mesquite East exploration targets while continuing to drill at FG Gold and keeping Imperial on-track to move into permitting in mid-2020," he said.
Sprott commented in a statement that he was pleased to continue supporting KORE.
"Backed by ounces in the ground and a strong PEA [preliminary economic assessment] on the Imperial project, KORE's value proposition remains strong.”
Net proceeds of the placement will be used to advance the Imperial project and Long Valley projects, in California, as well as for general corporate and working capital purposes.
Upon completion of the financing Sprott will hold 15.3% and Macquarie will hold 8.5% of the company's issued share capital on a non-diluted basis.
There are no warrants associated with the private placement.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation