Continental Gold Inc. (TSX:CNL) (OTCQX:CGOOF) is pleased to announce that Eric Sprott has agreed to purchase 10,645,200 common shares of the Company at a price of C$3.10 per share, representing a 2.9% discount to the five-day volume weighted average price ended June 21, 2019, for a total investment of approximately US$25 million in a non-brokered private placement. The proceeds of the Private Placement will be used for general working capital and corporate purposes. Closing of the Private Placement is subject to the receipt of regulatory approvals, including the Toronto Stock Exchange, and is expected to close two business days following receipt of such approval. Newmont Goldcorp Corporation has the right to maintain its pro rata ownership of the Company pursuant to the Investment Agreement dated May 10, 2018 between the Company and Newmont. Following receipt of notice of the Private Placement, Newmont will have five business days to exercise its right and maintain its pro rata ownership.
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.
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