TSX-listed Continental Gold on Friday announced that it had closed a previously announced nonbrokered private placement with Eric Sprott through 2176423 Ontario, pursuant to which the company issued 10.6-million common shares for $25-million.
The proceeds of the private placement will be used for general working capital and corporate purposes.
Gold major Newmont Goldcorp now has until July 12 to exercise its right to maintain its pro rata ownership of the company’s shares.