TORONTO, Feb. 05, 2021 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (“Dundee”) is pleased to announce that it has acquired ownership or control of 340,000,000 ordinary shares (“Shares”) and 8,160,000 options of Big River Gold Limited (ASX:BRV, “Big River”) for aggregate consideration of A$17,900,000. Dundee now owns or controls 19.38% of the outstanding Shares of Big River on an undiluted basis and 19.75% on a partially diluted basis.
Dundee acquired 160,000,000 Shares through a brokered private placement in which its affiliate, Dundee Goodman Merchant Partners (“DGMP”), acted as joint lead manager at a price of $0.05 per Share for aggregate consideration of A$8,000,000. Dundee acquired a further 180,000,000 Shares from an arms length third party at a price of $0.055 per Share for aggregate A$9,900,000. DGMP earned 8,160,000 options in connection with its engagement as joint lead manager under the private placement.
Jonathan Goodman, President and CEO of Dundee Corporation, commented, “We are excited to announce our ownership position in Big River as a cornerstone investment for Dundee. The Borborema Gold Project is a fully permitted, construction-ready, open pit project located in the Borborema province, northeastern Brazil. The project displays robust economics and withstood our rigorous technical due diligence stress testing. Based on our analysis, Big River is significantly undervalued and is resilient to lower commodity prices.”
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.
ABOUT BIG RIVER GOLD
Big River Gold Limited (ASX:BRV) is a specialised minerals exploration and development company focused on advancing its wholly owned Borborema Gold Project in north eastern Brazil. The Project is fully permitted and construction can commence immediately upon securing project funding following successful completion of a Definitive Feasibility Study in 2019.
FOR FURTHER INFORMATION PLEASE CONTACT:
Greg DiTomaso
NATIONAL Public Relations
T: (416) 433-2801
E: GDiTomaso@national.ca
