The newest member of the stable of juniors affiliated with St. Genevieve Resources (SGV-T) has raised $33 million to explore greenstone belts in Africa.
Emerging Africa Gold (EAGI-C) acquired several gold properties in Burkina Faso, Guinea, Mali, Mozambique and Tanzania from St. Genevieve in exchange for 7.5 million shares. St. Genevieve retains the right to acquire a 15% working interest in the properties.
Following a private placement of 13 million special warrants and an amalgamation with Superior Capital at the end of June, EAG shares were posted for trading on the Canadian Dealing Network. St. Genevieve has a 35% interest in the junior.
A spokesman for St. Genevieve said EAG is fortunate to hold an extensive geophysical and geochemical database compiled by St. Genevieve’s Russian partners, Far East Gold (FEGI-C).
The properties in EAG’s portfolio are predominantly grassroots plays with the potential to host significant gold deposits.
Raymond Savoie, a former Quebec mines minister with African development experience, has been appointed chairman of EAG.
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