StrikePoint Gold Raises CA$190 Million in Subscription Receipts Offering
StrikePoint Gold (SKP.V) has raised CA$190 million in its private placement of 95 million subscription receipts priced at CA$2 each, the company said on Wednesday.Proceeds will be used to acquire the Northumberland gold project in Nevada from Newmont for $70 million.Tembo Capital purchased 20.3 million subscription receipts, which, when exchanged for StrikePoint shares, will give it a 19.9% equity stake. Tembo also acquired a 0.5% net smelter return royalty (NSR) over Northumberland for $10 million, half of which may be bought back by StrikePoint for $25 million, a statement added.The Northumberland project is a past-producing gold deposit. StrikePoint also agreed to make two additional contingent cash payments of $25 million each in the future, when certain conditions are met.Strikepoint last traded on Aug. 18, when it closed at CA$0.165.
