Kinross makes strategic investment in Relevant Gold
Wyoming-focused Relevant Gold has announced a strategic investment by Kinross Gold, which will subscribe for 5.1-million units at C$0.30 each.
The placement is a separate follow-on financing from the private placement completed last month.
"Kinross's strategic investment represents a strong vote of confidence in our team's Wyoming exploration vision and ability to execute in the field – we are thrilled to welcome them as a major shareholder and strategic partner," said Relevant Gold CEO Rob Bergmann.
"This investment marks a key milestone for Relevant, expanding our technical depth, strengthening our corporate structure and bolstering our treasury. We look forward to immediately leveraging this new relationship in our upcoming drilling programme."
Kinross will hold about 9.9% of the issued and outstanding common shares in the capital of the company on a partially diluted basis.
At closing, Relevant and Kinross will enter into an investor rights agreement reserving certain rights for Kinross, namely pro-rata participation in future financings, the ability to increase ownership to 19.9%, and the formation of a technical advisory committee comprised of two Kinross members and two Relevant Gold members.
The proceeds from the placement will be used to fund exploration activities at the company's projects in Wyoming and for general working capital.
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