22 Apr Victoria Gold raises $24m from Electrum and Sun Valley investment
Victoria Gold Corp (TSX:VIT) has announced a C$24 million investment by Electrum Strategic Opportunities and Sun Valley Gold.
The Canadian gold miner intends to issue 80,000,000 shares at $0.30 per share with Electrum Strategic agreeing to buy 60,000,000 and Sun Valley subscribing for 20,000,000.
The investment agreement will see Electrum own 13.6 per cent of Victoria Gold and Sun Valley’s interest will increase to 18 per cent.
The net proceeds of the share sale will be used to continue exploration and development of Victoria Gold’s Eagle Gold Project in Yukon.
The Eagle gold deposit is expected to be Yukon’s next operating gold mine and includes probable reserves of 2.3 million ounces of gold from 92 million tonnes of ore with a grade of 0.78g of gold per tonne.