Nordgold boosts equity stake in Columbus Gold

Russian billionaire Alexey Mordashov’s mining company, Nordgold, has increased its stake in Canadian junior Columbus Gold (TSX: CGT; US-OTC) to 9.96% on a non-diluted basis and 11.18% if it were to exercise all of its warrants. The Moscow-headquartered company acquired 4.61 million units in a private placement at 20¢ per unit on January 14. Each unit consists of one common share and one-half warrant, which can be exercised over the next 12 months to purchase a common share for 40¢. Nordgold already owns a 55.01% stake in Columbus Gold’s Montagne d’Or project in northwestern French Guiana. The Montagne d’Or deposit contains an estimated 3.85 million ounces of gold … Continue reading at The Northern Miner.