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Continental Gold Announces that Newmont Goldcorp Exercises its Right to Maintain its Pro Rata Ownership

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Continental Gold Announces that Newmont Goldcorp Exercises its Right to Maintain its Pro Rata Ownership

 

 

 

 

 

Continental Gold Inc. (TSX: CNL) (OTCQX: CGOOF)  is pleased to announce that Newmont Goldcorp Corporation has elected to exercise its right to maintain its pro rata ownership of 19.9% of the Company, which was triggered as a result of the previously-announced non-brokered private placement with Eric Sprott. Accordingly, the Company will issue 3,038,765 common shares to Newmont at a price of C$3.10 per share for gross proceeds of approximately US$7.2 million, which will be used for general working capital and corporate purposes. The Company has received conditional approval from the Toronto Stock Exchange and expects closing to occur next week.

 

About Continental Gold

 

Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing it’s 100% owned Buriticá project in Antioquia. Buriticá is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buriticá project is on schedule with first gold pour anticipated during the first half of 2020.

 

Posted July 12, 2019

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