G Mining Ventures Corp. (TSX: GMIN) has announced that its largest shareholder, La Mancha S.a.r.L., has elected to exercise its final top-up right to increase its equity stake in the company to 19.9%.
Under the terms of an investor rights agreement established in July 2022, La Mancha will subscribe for 9,311,745 common shares at a price of C$45.89 per share. The transaction is expected to generate gross proceeds of approximately C$427 million. Upon closing, which is anticipated on or about March 11, 2026, La Mancha will hold approximately 19.9% of G Mining’s issued and outstanding common shares.
The exercise of this top-up right marks the final opportunity for the fund to increase its ownership through this specific mechanism, though it will retain customary anti-dilution rights moving forward. Louis-Pierre Gignac, President and CEO of G Mining Ventures, noted that the investment reinforces La Mancha’s original thesis and highlights the value potential of the company’s high-quality gold portfolio.
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The capital injection arrives at a pivotal time for G Mining as it advances its flagship Oko West Gold Project in Guyana as part of a goal to be producing 500,000 ounces annually by 2028. The project remains both on-budget and on-schedule, with first gold production targeted for the second half of 2027.
In October 2025, G Mining solidified Oko West’s path to production by securing an initial US$387.5 million financing package. This non-dilutive arrangement included a US$350 million revolving credit facility led by National Bank Capital Markets and Macquarie Bank, alongside a US$37.5 million equipment financing agreement with Komatsu Finance Chile. The package also features a US$150 million accordion option, providing significant scalable liquidity.
Management intends to utilize the proceeds from the La Mancha investment to optimize its capital structure by reducing reliance on debt for the Oko West development, while also accelerating debt repayment and expanding exploration initiatives.
G Mining Ventures last traded at $52.42 on the TSX.
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