KORE MINING, CLOSES PRIVATE PLACEMENT$7.5MM 2020-07-28

07/28/2020 (MT Newswires) -- Kore Mining (KORE.V) was up 2% after the company on Tuesday said it closed the second tranche of a C$7.5 million private placement of share units to mining financier Eric Sprott and made a C$1 million cash milestone payment to Newmont (NGT.TO) due for its purchase of the Imperial Gold Project.

Kore said Sprott is raising his stake in company to 25.3% from 20.7% through the acquisition of six-million share units priced at C$1.00 and made up of a share and one half of a two-year warrant to buy a second share for C$1.50.

The company is also selling one-million flow-through units to outside investors in the placement, priced at C$1.50 and made up of a tax-advantaged share and a warrant with the same terms.

Kore also said the payment to Newmont came due after it completed a preliminary economic assessment for the Imperial property. Another C$1 million will be due when the site produces its first gold.

Kore shares were last seen unchanged at C$1.53 on the TSX Venture Exchange.

Price: 1.57, Change: +0.04, Percent Change: +2.61