G Mining obtains funds to advance South American projects
Canada listed G Mining Ventures raised Cdn$50 million (US$36.6mn) from a private placement of shares with existing controllers as part of efforts to strengthen its assets in South America.
The amount was raised by members of the firm's shareholders La Mancha Investments and Franco-Nevada Corporation.
G Mining also announced that the Ontario superior court approved the recently announced merger with Reunion Gold, under which G Mining will acquire the Oko West project in Guyana, in the Guiana Shield region.
In a separate statement, the firm announced its first gold pour, of 44oz, at its Tocantinzinho project in Brazil’s Pará state. The project remains on time and budget for commercial production in the second half.
The definitive feasibility study contemplates a 10.5-year mine life with average annual gold production of 175,000oz and initial capital cost of Cdn$458mn.
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