Patagonia Gold Corp. (TSXV: PGDC) has entered into an investment agreement with Black River Mine Inc. through its wholly-owned subsidiary, Patagonia Gold Canada Inc., pursuant to which the investor has agreed to invest up to US$40M to support the development of Patagonia’s flagship Calcatreu Project in Rio Negro, Argentina.
Under the terms of the investment agreement, the investor will acquire up to 40M preferred shares of PG Canada, which holds the project through Minera Calcatreu SAU. The preferred shares will be issued at a price of US$1.00 per share, resulting in total gross proceeds of US$40 million.
Black River Mine is a newly formed corporation comprised of a consortium of investors and controlled by Carlos J. Miguens. Acopy of the investment agreement, including the form of shareholders’ agreement that will be entered into on closing of the financing and govern the affairs of PG Canada, will be filed under the company’s issuer profile on SEDAR+ at www.sedarplus.ca.
Proceeds from the financing will be used solely for funding the development of the project and to pay fees and expenses incurred by the company in connection with the Financing.
To find out more, please visit www.patagoniagold.com
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