Thesis Gold completes 9.9% share placement with Centerra Gold
Summary
Canadian resource development company Thesis Gold has completed its private placement of common shares, through the issuance of 9.9% of the companys issued and outstanding common shares to Centerra Gold.Centerra has acquired 23.4 million common shares of Thesis at $1.03 each, amounting to gross proceeds of C$24.16m ($17.4m).The two companies entered into an investor rights agreement regarding the private placement. The agreement grants Centerra certain rights to maintain its shareholding interest in Thesis Gold.These include financing and participation rights, a board nomination right if Centerras stake reaches 19.9% of the issued and outstanding common shares, and the ability to appoint members to a technical committee.The funds raised from the placement are earmarked for working capital and general corporate purposes, including ongoing technical studies at Thesis Golds 100%-owned Lawyers-Ranch Project, located in British Columbias Toodoggone Mining District.Lawyers-Ranch Project has showcased solid economic viability in the preliminary economic assessment, including a 35.2% after-tax internal rate of return and an after-tax net present value at a 5% discount rate of C$1.28bn.Thesis Golds 2025 roadmap aims to further develop the project through an exploration and drill programme, a prefeasibility study, and the initiation of the environmental impact assessment process.Considering the closeness of Centerras Kemess asset to the Lawyers-Ranch project, Centerra has recognised the potential for synergies such as utilising existing infrastructure to tap into regional opportunities.The Lawyers-Ranch projects proximity to the Kemess asset opens up long-term collaboration opportunities that could improve efficiencies and facilitate future development throughout the Toodoggone district, according to Thesis Gold. "Thesis Gold completes 9.9% share placement with Centerra Gold" was originally created and published by Mining Technology, a GlobalData owned brand.The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.