Junior Eldorado Gold has completed its merger with exploration affiliate HRC Development and entered into a $91-million financing agreement.
A syndicate of underwriters will buy 10 million special warrants at $9.10 each, with an option to buy 1 million additional special warrants. If the option is exercised, Eldorado will have raised $100.1 million in gross proceeds.
Each special warrant can be exercised into one common share without further payment.
Eldorado will use the proceeds to explore and develop various projects in Mexico, Argentina and elsewhere.
The company currently produces gold from mines in Mexico and Brazil. On the exploration front, Eldorado is the fifth largest landholder in Brazil, with 15,000 sq. miles of properties in five major belts.
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