Toronto-headquartered Eskay Mining has entered into an agreement with the Sprott Foundation to acquire shares worth C$10.78-million in explorer Garibaldi Resources, the company announced on Friday.
Eskay agreed to buy 23 703 688 shares in consideration for the issuance of 4 211 719 working capital units at C$2.56 each.
The news sent Garibaldi’s share price up 44% to C$0.56 apiece. Eskay’s stock rose 6% to C$3 a share on Friday.
Garibaldi is advancing the Nickel Mountain project in the Eskay camp.