KARORA RESOURCES, FINANCING ANNOUNCED 2020-07-14
Eric Sprott adds to his Karora Resources position
Kitco News Tuesday July 14, 2020 19:09
Kitco News
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Karora Resources (TSX:KRR) said today that Eric Sprott has agreed to increase his ownership in Karora by 26 million shares.
Karora said it is focused on growing gold production and reducing costs at its integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. The Higginsville treatment facility is a low-cost 1.4 Mtpa processing plant which is fed at capacity from Karora's underground Beta Hunt mine and open pit Higginsville mine.
Karora said it is working alongside Maverix Metals to effectively place its entire planned share issuance previously announced June 30, 2020. In lieu of issuing shares to Maverix, Karora will use the proceeds from total of 36.5 million common shares to be issued to Eric Sprott and one other institutional investor to complete the previously announced Maverix transaction with an all-cash consideration of US$18 million.