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Continental Gold to receive US$25 million investment by Eric Sprott

Published by
Global Mining Review,

Continental Gold Inc. (Continental) has announced that Eric Sprott has agreed to purchase 10 645 200 common shares of the company at a price of CAN$3.10 per share, representing a 2.9% discount to the five day volume weighted average price ended 21 June 2019, for a total investment of approximately US$25 million in a non-brokered private placement (the Private Placement). The proceeds of the Private Placement will be used for general working capital and corporate purposes.

The closing of the Private Placement is subject to the receipt of regulatory approvals, including the Toronto Stock Exchange, and is expected to close two business days following receipt of such approval. Newmont Goldcorp Corporation (Newmont) has the right to maintain its pro rata ownership of the company pursuant to the Investment Agreement dated 10 May 2018 between the company and Newmont. Following receipt of notice of the Private Placement, Newmont will have five business days to exercise its right and maintain its pro rata ownership.

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