Amex Exploration (TSXV: AMX) has seen one of its largest shareholders substantially increase their ownership interest. Eldorado Gold (TSX: ELD) has purchased additional shares in the company, which were acquired via a private agreement with a third party.
Eldorado has acquired an additional 14.87 million shares of Amex at a price of $4.00 per share, with total consideration amounting to $59.5 million. While it has yet to be disclosed who the shares were acquired from, current speculation suggests that the shares were purchased from Eric Sprott.
With the additional share purchase, Eldorado has now moved their ownership of Amex from 16.77% to that of 27.27% on a non diluted basis, and to 27.37% on a partially diluted basis. The company currently owns 38.6 million shares and 207,000 warrants of Amex.
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The purchase is said to have been for investment purposes, “in response to an unsolicited opportunity to increase its investment in Amex.”
Amex Exploration last traded at $3.81 on the TSX Venture.
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