- Elemental Royalties (ELE) has purchased the Ming Copper-Gold Mine in Newfoundland and Labrador for US$11 million
- The Vancouver-based gold royalty company purchased the mine from Rambler Metals and Mining Canada Limited
- Elemental raised the money for the purchase through a non-brokered private placement
- Elemental Royalties is up 3.27 percent, trading at $1.58 at 12:53 p.m. ET
Elemental Royalties (ELE) has purchased the Ming Copper-Gold Mine in Newfoundland and Labrador for US$11 million.
The Vancouver-based gold royalty company purchased the mine from Rambler Metals and Mining Canada Limited.
Elemental raised the money for the purchase through a previously-announced non-brokered private placement.
The company closed the private placement on April 1, generating approximately C$14 million in gross proceeds.
Elemental Royalties has now engaged Canaccord Genuity as its sole financial advisor and Fasken Martineau DuMoulin LLP as legal advisor to the company.
“Completing the acquisition of the Ming Gold Stream is our first transaction with a Canadian mine, providing immediate cash flow to Elemental whilst further increasing our exposure to Tier 1 mining jurisdictions,” said Elemental Royalties Chief Executive Officer Frederick Bell.
“The equity financing was completed at a significant premium to the implied price of the all-share Hostile Bid and further reinforces Elemental’s ability to execute on cash flowing royalties and attract new high-quality shareholders.”
Elemental Royalties is up 3.27 percent, trading at $1.58 at 12:53 p.m. ET.
