Dalradian Resources secures funding for Curraghinalt mine in Northern Ireland
Dalradian Resources has signed agreements with finance companies Orion Mine Finance II and Osisko Gold Royalties to secure C$78.25m ($62.38) through a private placement to fund development of Curraghinalt gold project in Northern Ireland.
Under the agreements, Orion and Osisko will make investments of C$50m ($39.86m) and C$28.25m ($22.52m) respectively.
Osisko also plans to exercise 6.25 million warrants, taking the total funding to around C$84.75m ($67.56m).
Proceeds of the private placement will be used to meet general working capital needs.
Dalradian Resources CEO Patrick Anderson said: “This is a strong vote of confidence in both the Curraghinalt gold project and in Northern Ireland as an investment destination by two highly respected mining finance groups.
“Today’s placement, together with all recent warrant exercises, will provide the company with additional equity funding in excess of C$110m ($87.89m). This means that the company is now well-funded to move Curraghinalt through permitting, while continuing to expand and improve the value of the project through further investment in exploration and engineering.”
Once the private placement is closed, Orion will own 9.75% of Dalradian’s issued and outstanding common shares, while Osisko is expected to hold around 9.1%.
Expected by the end of next month, closure of the placement is dependent on submission of the application to obtain planning permission to build a mine at the project and receipt of all required regulatory approvals.
- Tara Mines bids to extract last of Bula resource and end long-running saga
- New Bulgaria plant for casting of iron and steel
- Who are the main players in the ore exploration business in Serbia
- Newmont is expanding its business to Europe
- How valuable is Kosovo’s mineral wealth?
- Political influence on Kyrgyz gold mining
- Central Asia Metals to buy Lynx Resources for $402.5m, including Macedonia lead zinc mine Sasa
- Adriatic Metals’ Veovaca project in Bosnia received exploitation permit
- Montenegro ore processing and export
- JSC Pavlik, Russia, new gold processing plant