Continental Gold closes C$25m financing with Eric Sprott

Continental Gold of Toronto has closed a C$25-million non-brokered private placement with Eric Sprott. The company issued approximately 10.6 new common shares.

Continental says that Newmont Goldcorp has until July 12, 2019, to exercise its right to maintain its ownership of the company in connection with the private placement.

Continental said vaguely that it would use the proceeds for “general working capital and corporate purposes.” The company is currently developing the Buritica gold project in Antioquia. The first gold pour is anticipated during the first half of 2020. Measured and indicated resources are 16.0 million tonnes grading 11 g/t gold equivalent, and inferred resources are 21.9 million tonnes at 9.2 g/t gold.

This article first appeared in the Canadian Mining Journal