Carlin Gold (TSX-V:CGD) has secured US$30 million ($41.56 million) in funding via a US$21.5 million ($30 million) strategic investment from Electrum Gold Exploration and an US$8.5 million private placement led by Canaccord Genuity.
Under the terms, Electrum is purchasing 16.5 million units at US$1.30 per unit in a non-brokered private placement. Each unit consists of one common share and one warrant exercisable at $1.50 for two years post-closing.
Proceeds are earmarked for exploration across the company’s Nevada properties and general corporate purposes.
Chairman Cal Everett says the company is ‘thrilled’ that Electrum has made a “significant strategic investment” in Carlin.
“This investment reflects strong confidence in Carlin’s strategy and the exploration potential of Cortez Summit, and will provide us with the financial flexibility to pursue an aggressive drilling program at Cortez Summit,” Everett says.
Electrum currently holds 2.5 million shares, representing an 8.1% stake. Following completion, its holding will increase to approximately 34.5% on a non-diluted basis and 40.0% on a fully diluted basis assuming full warrant exercise.
Because Electrum will become a control person under TSX Venture Exchange policies, the strategic investment requires shareholder approval at the annual meeting on 23 October 2026.
Electrum also gains board nomination rights for one director and participation rights in future securities issuances, provided it maintains a minimum 10% interest.
Completion of each placement remains subject to customary closing conditions, including exchange approval, but neither transaction is conditional on the other.
Carlin Gold is a mineral explorer operating three wholly owned gold and base metals properties in Nevada, US: Cortez Summit, Ivy, and Willow.
Write to Paula Fabe at Mining.com.au
Images: Carlin Gold
