Prospector Metals (TSXV: PPP) has secured an investment from a major gold producer. B2Gold (TSX: BTO) has agreed to take a 9.9% interest in the company, with the funds from the investment to be used for the further exploration of Prospector’s ML Project in the Yukon.
The investment will see B2Gold take a 9.9% interest in the firm at a price of $0.163 per share, with the company to purchase 5.6 million shares for gross proceeds of $909,311. As part of the arrangement, a four person technical committee is to be established for the ML project, with B2Gold to appoint one person to the team to advise on the project.
In connection with the investment, B2Gold has been granted certain top-up, participation, and subscription rights that will enable it to maintain its position in the firm, and expand its interest up to 19.9% if it so chooses. The firm also has a right of first refusal on any sale related to the ML Project.
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Prospector’s ML project is said to contain one of the last few “tombstone-style” intrusions in the Yukon that has yet to be explored. No modern exploration techniques have yet been applied to the project, however historical drilling of over 16,700 metres have occurred on the property. Historical drill highlights include 3.53 g/t gold and 0.29% copper over 56.4 metres.
Prospector Metals last traded at $0.14 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
