February 27, 2018 |
Lundin Gold said it will will issue a private placement to raise the $400m in equity it needs for Ecuador's Fruta del Norte gold mine.
Upon completing the private placement, Newcrest will become Lundin Gold's largest shareholder with 27.1%, according to a statement from the Canadian miner. The Lundin Family Trusts will hold a 22.3% stake, while Orion will have 11.4%.
Newcrest and the Lundin Family Trusts will pay $250m and $50m, respectively, for 57.7m and 11.5 million shares apiece. Each common
Canadian miner requires $400m to round out the Fruta del Norte gold facility's financing package