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OceanaGold to Increase Stake in Gold Standard to 19.9 Percent
Feb. 08, 2016 04:23PM PST
Gold InvestingGold Standard Ventures Corp. (TSXV:GSV,NYSEMKT:GSV) announced that a subsidiary of OceanaGold Corp. (TSX:OGC,ASX:OGC) will buy about 12,565,265 common shares of Gold Standard for gross proceeds of C$12,565,265.
Gold Standard Ventures Corp. (TSXV:GSV,NYSEMKT:GSV) announced that a subsidiary of OceanaGold Corp. (TSX:OGC,ASX:OGC) will buy about 12,565,265 common shares of Gold Standard for gross proceeds of C$12,565,265.
As quoted in the press release:
The Financing is expected to close on or about February 10, 2016, following which OceanaGold will own (inclusive of shares held) approximately 19.9% of the Company’s issued and outstanding shares on an undiluted basis pursuant to its existing equity participation right (announced May 20, 2015). The net proceeds of the Financing will be used to further advance the Company’s Railroad-Pinion project and for general corporate and working capital purposes.
Jonathan Awde, president, CEO and director of Gold Standard Ventures, commented:
We are pleased that OceanaGold is demonstrating its continued support by increasing their ownership position in Gold Standard.
Click here to read the full Gold Standard Ventures Corp. (TSXV:GSV,NYSEMKT:GSV) press release.