Corona raises stake in Prime Res. by 1%

With the private purchase of 700,000 additional shares, Corona (TSE) has increased its stake in Prime Resources Group (VSE) to 44%. Prime owns a 50% interest in the Eskay Creek gold property in British Columbia, the most publicized exploration play since Hemlo.

At the same time, Corona acquired 200,000 common share purchase warrants through market transactions.

The gold producer now owns 18.8 million Prime shares, warrants to acquire 355,555 Prime shares, and a right of first refusal over warrants to purchase one million common shares. Corona also holds the right of first refusal and voting trust over an additional 858,500 Prime shares.