Business
White Gold Corp. Completes Acquisition of Property Portfolio from Kinross Gold; Closes C$8.75 Million Financing with Agnico Eagle Mines
TORONTO, ONTARIO--(Marketwired - June 14, 2017) - White Gold Corp. (TSX VENTURE:WGO) (the "Company") is pleased to announce that, further to its news release da
About this update from White Gold Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - June 14, 2017) - White Gold Corp. (TSX VENTURE:WGO) (the \"Company\") is pleased to announce that, further to its news release dated May 18, 2017, it has successfully completed the acquisition of entities holding the White Gold, Black Fox, JP Ross, Yellow, and Battle properties (the \"White Gold Properties\") from Kinross Gold Corporation (\"Kinross\") for C$10 million in cash, the issuance to Kinross of 17.5 million common shares of the Company and up to C$15 million in deferred payments specifically related to the advancement of the White Gold Properties (the \"Acquisition\"). The Company is also pleased to announce that it has completed its previously announced non-brokered private placement (the \"Offering\") with Agnico Eagle Mines Limited (\"Agnico\") pursuant to which Agnico, in order to maintain its pro rata ownership interest in the Company, subscribed for 4,356,000 common shares of the Company at a price of C$2.01 per common share, for gross proceeds to the Company of C$8,755,560. The net proceeds from the Offering were used to fund a portion of the C$10 million cash payment under the Acquisition. The securities issued to Agnico pursuant to the Offering are subject to a statutory four month and one day hold period. As of today, Agnico and Kinross each own approximately 19.9% of the total number of issued and outstanding common shares of the Company. \"With the closing of the acquisition, the Company now controls approximately 40% of the White Gold District and we look forward to working with both Agnico and Kinross as we continue to work towards unlocking the value of this highly prospective land package in the Yukon,\" said Shawn Ryan, Chief Technical Advisor of the Company. The White Gold Properties are made up of 4,280 mineral claims encompassing approximately 86,000 hectares. The Acquisition consolidates and expands the Company's substantial land position which now represents approximately 40% of the White Gold District, and adds approximately one million ounces of gold grading between 2.7 to 3.19 g/t gold on the Golden Saddle area based on historic estimates of Measured and Indicated Resources on the White Gold Property. Additional information relating to the White Gold Properties can be found in the news release of the Company announcing the Acquisition dated May 18, 2017, wh...