Allegiant: Goldcorp Investment To Help Fund Drill Program
(Kitco News) - Allegiant Gold Ltd. (TSXV: AUAU) reports that mining giant Goldcorp Inc. (TSX: G, NYSE: GG) has made an investment in the company. Allegiant announces a non-brokered private placement to raise C$4.4 million, consisting of around 12.6 million shares of Allegiant at a price of 35 Canadian cents per share. In connection with the offering, Goldcorp will purchase some 5.9 million Allegiant shares at this price for gross proceeds to Allegiant of C$2.1 million. After closing, Goldcorp will own around 10% of outstanding shares. “Proceeds of the offering will be used to carry-out high-impact ‘discovery’ exploration drill programs on six of Allegiant’s high-priority exploration projects, located principally in the mining-friendly jurisdiction of Nevada,” Allegiant says.