- Canadian billionaire Eric Sprott has invested in mining company White Gold (TSXV:WGO) as part of a C$6 million private placement
- Known for his gold and silver asset portfolio, Eric Sprott has recently been re-investing heavily into Canada’s precious metals industry
- Sprott Asset Management LP, which Eric founded, as well as White Gold insiders Pat DiCapo and David D’Onofrio, also contributed to the placement
- Despite the issuance, mining companies Agnico Eagle Mines (TSX:AEM) and Kinross Gold (TSX:K) have each retained a 17.1 per cent interest in White Gold
- White Gold (WGO) is up 5.88 per cent and is trading at 90 cents per share
Canadian billionaire Eric Sprott has invested in the mining company White Gold (TSXV:WGO) as part of a C$6 million private placement.
White Gold is currently hold’s 420,000 hectares in claims across the Yukon’s White Gold district. The company’s self-named flagship property hosts the Golden Saddle and Arc deposits, which have an indicated mineral estimate of just over one million ounces of gold at 2.26 grams per tonne.
Known for his gold and silver investment portfolio, Eric Sprott has recently been re-investing heavily into Canada’s precious metals industry, on the back of gold’s strong performance amid the COVID-19 pandemic.
Sprott Asset Management LP, which Eric founded, as well as White Gold insiders Pat DiCapo and David D’Onofrio, also contributed to the placement.
Through the placement the company issued 6.67 million common shares on a flow through basis at 90 cents each.
Despite the issuance, mining companies Agnico Eagle Mines (TSX:AEM) and Kinross Gold (TSX:K) have each retained a 17.1 per cent interest in White Gold by acquiring just over 600,000 of the placement’s shares.
With the placement complete, White Gold has $9 million in cash reserves, which it plans to use for an upcoming exploration program in the Yukon.
CEO of White Gold, David D’Onofrio said he was grateful for the support from new and old shareholders and was excited to welcome Eric Sprott. He went on to comment on the company’s upcoming exploration plans.
“We look forward to kicking off our 2020 field season in the coming weeks where we will follow up on some of our exciting new discoveries and look to continue to increase our existing mineral resources,” he said.
White Gold (WGO) is up 5.88 per cent and is trading at 90 cents per share at 11:15pm EDT.