Barrick to take $20m stake in Carpathian Gold

19th July 2011 By: Liezel Hill

TORONTO (miningweekly.com) – Barrick Gold, the world's biggest gold miner, has agreed to buy 38.46-million shares in junior Carpathian Gold for C$20-million, the smaller firm announced on Monday.

The funds will go towards exploration and development work at Carpathian's Rovina Valley project, in west-central Romania.

Barrick will help with technical expertise through an advisory technical committee, and can second up to two employees to the Carpathian project at its own expense.

After the placement closes, Barrick will own about nine percent of Carpathian's issued capital, and will have the right to participate in future offerings to maintain its ownership level, as long at the interest does not fall below 8.5%.