Newmont acquires shares to maintain Metallic Minerals 9.2% shareholding
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Global gold miner Newmont Corporation has invested $902 916 to acquire 3.2-million units of TSX-V-listed Metallic Minerals Corporation in a private placement to maintain a 9.2% ownership interest in the company. Each unit, which was priced at $0.28 apiece, comprises one common share of the company and one half of one common share purchase warrant. Each warrant entitles Newmont to acquire one common share of Metallic as a price of $0.40 apiece for a period of three years from the private placement's closing date. Metallic Minerals intends to use the private placement proceeds to advance exploration and development at the La Plata copper/silver/gold/platinum group metals (PGM) project in Colorado, as well as for working capital and general corporate purposes. La Plata has an inferred mineral resource estimate of 181-million tonnes grading 0.36% copper-equivalent, containing 1.3-million pounds of copper and 17-million ounces of silver. The estimate also has a 45-million tonne subset for platinum, palladium and gold, for 91 000 oz of contained platinum, 121 000 oz of contained palladium and 60 000 oz of gold. Newmont has been a valued strategic shareholder in Metallic Minerals since 2023, says Metallic Minerals CEO and chairperson Greg Johnson, adding that collaboration with Newmont through a technical committee has been fruitful to expand the Allard resource and the...
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