Continental Gold\u2019s\u00a0(TSX:CNL; OTCQX:CGOOF) shares surged over 11% on Friday, the same day the Toronto- based miner announced that it obtained a\u00a0$175 million\u00a0financing package backed by Newmont and Triple Flag\u00a0 Mining Finance.<\/p>\n
The package includes a $50 million\u00a0debenture from Newmont, and a\u00a0$100 million\u00a0gold and silver stream from Triple Flag . Each of the debentures will be convertible at the holder’s option into common shares of the company at a conversion price of\u00a0C$3.00\u00a0per share, representing a 27.1% premium to the 30-day volume weighted average share price on the TSX. Assuming full conversion of the debenture issued to Newmont only, Newmont’s ownership in Continental would increase to approximately 28%.<\/p>\n
Continental Gold is an advanced-stage exploration and development company with a portfolio of 100%-owned gold projects in\u00a0Colombia.<\/p>\n
Proceeds from the financing package will be used for general and working capital purposes and toward construction, commissioning and start-up of the Buritic\u00e1 project in Antioquia,\u00a0Colombia, the company said in a press release.<\/a><\/p>\n Continental\u2019s shares were trading at C$2.89 on the TSX Friday afternoon, up 11.15%.<\/p>\n <\/p>\n The post Continental Gold announces $175 million in financing from Newmont, Triple Flag, stock surges<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Newmont’s ownership in Continental could increase to 28%<\/p>\n The post Continental Gold announces $175 million in financing from Newmont, Triple Flag, stock surges<\/a> appeared first on 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