The funds came through Investissement Québec, who purchased over 10 million units at $1.10 per unit through Fonds Capital Ressources Naturelles et Énergie, Fonds de solidarité des travailleurs du Québec, and Fonds régionaux de solidarité FTQ.

Troilus Gold will use the proceeds from the transaction to advance its Troilus gold project, continuing its engineering efforts and feasibility studies on the project, and for working capital.

Justin Reid, President and CEO of Troilus Gold, commented on the government investment.

“Following a significant period of extensive and detailed technical, financial and social due diligence, we are pleased to welcome the government of Québec as a major shareholder of Troilus Gold,” he remarked.

“We thank the government of Québec, the Fonds and all of our stakeholders for providing the Company with the ability to continue our aggressive development plans uninterrupted,” he added.

Eric Girard, Québec Minister of Finance and Minister of Economy and Innovation, also commented on the investment.

“The mining potential of Nord-du-Québec and our mining industry are key to the sustainable recovery of Québec’s economy,” he stated. “That’s why we are helping Troilus carry out its gold project.”

Troilus is a Canadian-based junior mining company in Québec. The company is focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production.

The Troilus Mine is located in the Frôtet-Evans Greenstone Belt in Québec.

Troilus Gold Corp. (TLG) is down 2.17 per cent, trading at $0.90 per share as of 10:18 am ET.