- Junior miner Dryden Gold (TSXV:DRY) is announcing a C$3.38 million non-brokered private placement with global miner and explorer Centerra Gold (TSX:CG)
- Centerra’s investment will grant it a 9.9 per cent stake in the junior miner
- Dryden Gold is an exploration company focused on the discovery of high-grade gold mineralization
- Dryden Gold stock has given back over 50 per cent since inception in January 2024
Junior miner Dryden Gold (TSXV:DRY) is announcing a C$3.38 million non-brokered private placement with global miner and explorer Centerra Gold (TSX:CG).
Centerra’s investment will grant it a 9.9 per cent stake in the junior miner and will consist of 11,988,825 charity flow through shares priced at $0.24 and 2,941,176 hard dollar shares priced at $0.17.
Dryden will use the proceeds to advance exploration at its over 70,000-hectare Dryden gold district in northwest Ontario. The land package supports its prospectivity with:
- High-grade gold mineralization over 50 km of potential strike length.
- Numerous active miners including Kinross, NexGold Mining (Treasury Metals), Kenorland Minerals. Dynasty Gold and NexGen Mining, the latter having defined a 3 million ounce resource in the district.
The financing, expected to close by December 17, is contingent on due diligence by Centerra and the signing of an investor rights agreement to determine time and ownership thresholds.
All shares issued will be subject to a holding period of four months and one day as dictated by Canadian securities legislation.
Leadership insights
“We’re very excited to welcome Centerra as a new strategic investor in Dryden Gold. Centerra is using its strong balance sheet to focus on organic growth through strategic investments and is providing valuable capital to select junior mining companies,” Trey Wasser, Dryden Gold’s chief executive officer, said in a statement. “We look at this investment as a strong validation of our property, our team and the science behind our exploration program. The proceeds of this financing will go directly towards advancing and expanding our exploration initiatives in the Dryden gold district. Together with our recently closed financing, the company will now be fully financed through 2025 with a C$5.8 million exploration budget and an additional C$2 million in hard dollars to cover G&A, marketing and our final property payment to Alamos Gold.”
About Dryden Gold
Dryden Gold is an exploration company focused on the discovery of high-grade gold mineralization. The company is guided by management with a track record of building shareholder value through property acquisition and consolidation, exploration success, as well as mergers and acquisitions.
Dryden Gold stock (TSXV:DRY) last traded at C$0.13 per share. The stock has given back over 50 per cent since inception in January 2024.
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(Top image: Dryden Gold)