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Patagonia Gold Announces Completion of US$40 Million Investment Into Its Calcatreu Project
VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“ P...
About this update from Patagonia Gold Corp
[{"type":"text","content":"Patagonia Gold Announces Completion of US$40 Million Investment Into Its Calcatreu Project\n\n\n\n VANCOUVER, British Columbia, June 02, 2025 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“\n \n Patagonia\n \n ” or the “\n \n Company\n \n ”) (TSXV: PGDC) is pleased to announce that, further to its news releases dated March 14, 2025, April 14, 2025 and May 20, 2025, it has completed the US$40 million investment (the “\n \n Calcatreu Financing\n \n ”) by Black River Mine Inc. (“\n \n Black River\n \n ”) in the Company’s subsidiary, Patagonia Gold Canada Inc. (“\n \n PG Canada\n \n ”). In connection with the Calcatreu Financing, PG Canada issued an aggregate of 40 million preferred shares (the “\n \n Preferred Shares\n \n ”) at a price of US$1.00 per share. The Preferred Shares were issued pursuant to the terms of the investment agreement dated April 13, 2025 between PG Canada and Black River.\n \n\n Proceeds from the Calcatreu Financing will be used solely for funding the development of the Company’s Calcatreu project in Rio Negro province, Argentina (the “\n \n Project\n \n ”) and to pay fees and expenses incurred by the Company in connection with the Calcatreu Financing.\n \n\n The Company did not pay any finder’s fee in connection with the Calcatreu Financing. The Preferred Shares issued pursuant to the Calcatreu Financing are non-voting and are subject to restrictions on transfer in accordance with PG Canada’s articles and the terms of a shareholders’ agreement among the Company, PG Canada and Black River. The TSX Venture Exchange (“\n \n TSXV\n \n ”) conditionally approved the Calcatreu Financing; however, it remains subject to final approval of the TSXV.\n \n\n Black River is controlled by Carlos J. Miguens and therefore is a related party of the Company (as Mr. Miguens has ownership and control over 200,717,161 common shares, representing 43.2% of the 465,051,490 common shares of the Company currently outstanding). Accordingly, the Calcatreu Financing is a “related party transaction” under Multilateral Instrument 61-101 –\n \n Protection of Minority Security Holders in Special Transactions\n \n (“\n \n MI 61-101\n \n ”). Since Mr. Miguens’ pa...