VANCOUVER – Kaminak Gold Corp. has welcomed a significant new investor, Electrum Strategic Opportunities Fund, that has invested in the company via private placement. Kaminak will use the proceeds for exploration and development of its Coffee gold project in Yukon.
Kaminak will issue 27.4 million units to Electrum and other large shareholders for gross proceeds of $22.5 million. Each unit will be priced at $0.82. Each unit entitles the holder to purchase one common share of the company at a price of $1.04 for a period of two years follow9ng the closing of the deal.
At the closing of the placement, assuming the exercise of all unit warrants, Electrum will hold a 10.32% equity interest in the company. Electrum will then have the right to nominate one director to the Kaminak board.
The Coffee project is to be an open pit and heap leach gold producer. Learn more at Kaminak.com.