G Mining raises 6 million to fund Brazil gold project

G Mining raises $116 million to fund Brazil gold project

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G Mining raises $116 million to fund Brazil gold project

G Mining Ventures (GMIN) has raised Cdn$151 million (US$116 million) from a private equity placement to fund the Tocantinzinho gold project in the Brazilian state of Pará.

The Canadian company said in a statement that the placement was made in two tranches and the shares were acquired by strategic investors.

“After the closing of the second tranche, La Mancha holds 111,879,265 common shares of GMIN, representing approximately 25.0% of the outstanding common shares of GMIN, and the holdings of Eldorado Gold Corporation and Franco-Nevada Corporation now amount to 17, respectively. .7% and 9.9%. ,” it said.

Tocantinzinho is a licensed ready-to-build 2Moz open-pit gold deposit that GMIN bought last year for US$115 million from Eldorado Gold. A February feasibility study estimated the initial capex at $458 million.

GMIN plans to complete an exploration and drilling program in the fourth quarter and complete detail engineering in the first half of 2023.

The company expects the first gold production to take place in the second half of 2024 and to reach full production capacity in 2025.

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