Agnico Eagle ups stake in White Gold

Agnico has indicated that it would increase its interest in the company to 19.9% under the latest private placement.
White Gold is the largest quartz mineral claim holder in the District. Credit: White Gold Corp.

White Gold (TSXV: WGO) has arranged a non-brokered private placement of flow-through and common shares to raise proceeds of $9 million.

Pursuant to an investor rights agreement signed in December 2016, Agnico Eagle Mines (TSX: AEM; NYSE: AEM) has indicated that it will increase its interest in the company to 19.9% on a post-offering basis.

“We are very grateful for the continued support of our exciting and impactful exploration activities in the prolific White Gold District. Details on our future activities will provided in due course,” White Gold CEO David D’Onofrio stated.

Proceeds from the sale of flow-through shares will be used by the company for exploration purposes, while proceeds from the "normal" shares will be for working capital.

The flow-through shares will be issued in two tranches at different prices: $0.98 per share under the first tranche and $0.80 per share under the second. The common shares will be priced at $0.70 each.

White Gold is the largest landholder within the Yukon’s emerging White Gold District, with a portfolio of 31 properties covering more than 420,000 hectares, representing over 40% of the district.

The company’s flagship and namesake property hosts the Golden Saddle and Arc deposits.

At presstime in Toronto White Gold was trading at $0.70 per share within a 52-week trading range of $0.45 and $0.85 per share. The junior exploration company has a market cap of about $93.2 million.

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