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Sandstorm Gold Ltd. (NYSEMKT:SAND,TSX:SSL) announced that it has closed the previously announced private placement whereby Sandstorm has purchased 19.5 million common shares of and Luna Gold Corp
Sandstorm Gold Ltd. (NYSEMKT:SAND,TSX:SSL) announced that it has closed the previously announced private placement whereby Sandstorm has purchased 19.5 million common shares of and Luna Gold Corp at a price of CAD$1.02 per Placement Share. Sandstorm now holds 28 million common shares of Luna, representing approximately 19.8% of the issued and outstanding shares of Luna.
According to the company’s press release:
Pursuant to the Placement, Sandstorm was also granted the right (for so long as Sandstorm owns greater than 15% of Luna) to maintain its ownership percentage through future private placements or public offerings by Luna. Sandstorm was also granted the right to appoint one member to Luna’s Board of Directors (the “Board”) and, accordingly, has appointed David Awram, Senior Executive Vice President of Sandstorm, to the Board. In addition, Mr. Luis Baertl has stepped down as Chairman of Luna’s Board and has been succeeded as Chairman by Luna’s current lead independent director, Steven Krause.