Canadian Mining Journal

News

GOLD: Agnico Eagle invests $14.5M in G4G/White Gold


TORONTO – Agnico Eagle Mines has invested $14.5 million in G4G Capital Corp. with the purchase of 12.1 million shares at a price of $1.20 each. That gives Agnico about a 19.93% interest in the smaller company, that plans to rename itself White Gold Corp. Agnico also has the right to participate in any future equity offerings to maintain its share.

G4G also placed 2.9 million shares at the same price with certain individual investors, raising the gross proceeds in the private placement to $18.0 million.

Going forward, White Gold has several highly prospective properties in the Yukon’s White Gold District. A $15-million exploration program is planned.