By purchasing 3.2 million shares of Energold Mining (VSE) in a private transaction, Eldorado (TSE) has boosted its stake in the company to 48.8% from 16.16%.
In doing so, Eldorado is positioning itself for what it sees as emerging opportunities in the Caribbean and Central America.
Energold holds an option to acquire Minera Hispaniola, a Dominican Republic-based company with interests in six exploration concessions. One of the concessions, El Higo, hosts about 1 million tonnes grading 6.27 grams gold per tonne.
Eldorado will issue 400,000 treasury shares to acquire the Energold shares.
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