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Eminent Closes Private Placement Including $3 Million Strategic Investment by Kinross Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2025) - Eminent Gold Corp. (TSXV: EMNT) (...
About this update from Eminent Gold Corp.
[{"type":"text","content":"Eminent Closes Private Placement Including $3 Million Strategic Investment by Kinross Gold Corp.Vancouver, British Columbia--(Newsfile Corp. - May 5, 2025) - Eminent Gold Corp. (TSXV: EMNT) (FSE: 7AB) (\"Eminent\" or the \"Company\") is pleased to announce that, further to its news releases dated April 7, 2025, the Company has closed its non-brokered private placement (the \"Offering\") which included participation by Kinross Gold Corp. (\"Kinross\"), one of North America's largest gold producers. As part of the Offering, the Company issued an aggregate of 10,711,900 units (\"Units\") at $0.40 per Unit, for gross proceeds of $4,284,760, with Kinross acquiring 7,574,237 Units. Each Unit consists of one common share of the Company (a \"Common Share\") and one-half common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.70, exercisable for 24 months following the closing of the Offering. Kinross now owns 9.9% of the outstanding shares of the Company and has the right to maintain its 9.9% interest in future financings subject to certain exceptions. Furthermore, Kinross will have a right to increase its ownership percentage to 19.9% of the outstanding shares, calculated on a partially diluted basis, including other rights and obligations as described in the April 7, 2025, news release. The net proceeds from the Offering will primarily support drilling at the Hot Springs Range Project—an analogue to the 50-million-ounce gold Getchell Trend1—as well as at the Celts Project, a direct analogue to AngloGold Ashanti's Silicon deposit in Nevada's prolific Walker Lane Trend. In addition, a portion of the proceeds will be allocated to working capital, accounts payable, and marketing services.Paul Sun, President and CEO of the Company, commented:\"Kinross's strategic investment in Eminent is a strong endorsement of our team, our vision, and the exceptional potential of the Hot Springs Range and Celts Projects, which exhibit compelling geological similarities to some of Nevada's most significant gold deposits. This funding allows us to advance drilling with a disciplined approach, ensuring efficient execution of our exploration plans, including the launch of our inaugural drill program at Celts. We are excited to build on this momentum and continue unlo...