Abitibi secures Discovery Silver as strategic investor in latest placement
Frankfurt- and Canada-listed Abitibi Metals Corporation has announced a non-brokered strategic private placement to raise up to C$30.7-million from the issue of 35-million hard dollar common shares and 11.7-million charity flow-through common shares.
In this regard, Toronto-listed Discovery Silver Corporation is expected to acquire about 9.9% of the issued and outstanding common shares of Abitibi on a non-diluted basis upon closing of the offering.
The companies will then enter into a participation agreement whereby Abitibi will grant certain financing and other participation rights to enable Discovery to maintain its shareholding in Abitibi and other customary investor rights.
“We are pleased to welcome Discovery Silver as a strategic investor in the company. Their participation represents a strong endorsement of the progress and potential of the B26 Deposit.
“They have established a strong track record of generating shareholder returns through disciplined exploration, operational excellence, and the early identification of high-quality opportunities,” says Abitibi CEO and president Jonathon Deluce.
He adds that company values its newest partner’s technical experience as it continues to advance exploration programmes and development of B26, while also pursuing growth opportunities within the existing portfolio and through potential acquisitions.
B26 is a high-grade polymetallic deposit in the prolific Abitibi Greenstone Belt, in Quebec, which an estimated resource of 25.3-million tonnes of copper grading 2.1% (equivalent). The deposit is believed to contain 775-million pounds of copper, 451 000 oz of gold and notable zinc and silver credits.
This deposit stands as a foundational asset in supporting Quebec’s critical metals future.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
