Goldcorp funds juniors

Candente Resource (DNT-V) has closed a $1-million financing with Goldcorp (G-T) as a first step toward collaborating on grassroots gold exploration in Newfoundland.

The non-brokered private placement consists of 1.7 million units priced at 60 apiece. A unit consists of one share and half a warrant, and a whole warrant entitles Goldcorp to an additional share at 90 in the first year and at $1.10 in the second.

The investment in Candente follows Goldcorp’s $2.5-million purchase of 11.4 million units of American Bonanza Gold Mining (BZA-V) priced at 22 each (representing a 10.1% stake in the company).

The purchased units were part of a brokered $4-million private placement financing. Proceeds will be used to resume underground development and drilling of the high-grade Copperstone gold project in Arizona, where a geological resource of 1.2 million oz. is contained in 2 million tons averaging 0.58 oz. gold per ton.