Precipitate Gold closes private placement with Barrick

MINING TECHNOLOGY | The deal between Precipitate Gold and Barrick has closed, with Barrick to acquire a 70% stake in Precipitate’s Pueblo Grande project.

Precipitate Gold will issue 12.7 million common shares prices at C$0.11 ($0.07) a share, for gross proceeds of about C$1.39m ($0.99m). The closing of the deal follows the announcement earlier this week that Barrick Gold signed an earn-in agreement with Precipitate Gold to acquire the stake in the project. Barrick will have to invest a minimum of $10m in exploration and deliver a pre-feasibility study within six years of the agreement.

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