Dynacor Gold Mines Completes $1.6 Million Private Placement With Swiss Partner

Dynacor Gold Mines (TSX:DNG) reported that it has closed a non-brokered private placement for proceeds of $1.6 million with its strategic Swiss Partner. Proceeds will be used for construction of the Veta Dorada processing plant.
As quoted in the press release:

No warrants or options were issued in conjunction with this private placement with one placee. All of the securities issued in connection with this placement are subject to a statutory four-month holding period expiring on March 1st, 2016.
Dynacor’s Swiss partner is an important supplier of semi-finished and finished products for the high-end luxury watchmaking and jewellery industries as well for the dental, medical and automotive sectors. It will become Dynacor’s second largest gold customer. In 2016, Dynacor expects to considerably increase its gold production when its new Chala plant comes on stream (see Press Release dated October 29, 2015).
The strategic partnership is based on shared values and a common corporate philosophy that is founded on traceability and the responsible procurement of gold from small and medium sized artisanal miners in Peru. Dynacor will supply its Swiss partner with responsibly sourced gold that fully complies with Peruvian laws and regulations.
The partnership is also planning to jointly develop a program to assist artisanal Peruvian miners to increase their productivity, improve their mining practices through targeted training as well as their environmental and safety procedures and finally the wellbeing and development of their communities.

Click here for the full press release.