Metanor brings in $8.8mln to advance Quebec assets

Metanor Resources Inc (CVE:MTO) has raised over $8.8mln to advance its assets in Quebec.

A private placing saw the group issue over 12.6mln units at 70 cents each, with each unit comprising one share and one warrant.

The warrant entitles the holder to purchase one share at 90 cents until April 21, 2019.

Kirkland Lake Gold Ltd took part, investing $7.25mln and now has around 13.7% of the capital.

Fund manager Wexford Capital LP also took part to the tune of $1,312,500 and now owns or controls 14.2%

Metanor president and chief operating officer Pascal Hamelin said: “We are excited to now have the support of a strategic investor like Kirkland Lake Gold and we are also very encouraged by Wexford’s decision to increase their initial investment in Metanor.

“These additional funds, coming from established partners having extensive management and operational expertise, will enable us to further develop our main assets: the Bachelor and Barry projects, while increasing the drill campaigns in the Urban-Barry area.”

As well as the Bachelor mine and the Barry project,  the firm has more than 15,000 ha of exploration property, located in the mining-friendly jurisdiction of Quebec in the heart of the Urban-Barry Camp.

Story by ProactiveInvestors