Edgewater Exploration (CVE:EDW) announced Thursday it has received an additional $2.2 million as gold giant Kinross Gold (TSE:K) (NYSE:KGC) elected to exercise one million warrants.
The warrants were in connection with an earlier private placement, through which Edgewater issued 13.03 million units, each consisting of one common share and one half of one common share purchase warrant, at $0.80 per unit. One whole warrant entitles the holder to acquire an additional share for $1.10.
Kinross, which had purchased 625,000 units, now holds over 3.6 million shares and 5.3 million warrants, representing 12.6% of Edgewater's outstanding shares. Five million of the warrants are only exercisable after Edgewater delineates a 3.0 million ounce measured and indicated gold resource at its Enchi gold project in Ghana.
Edgewater said it will use the financing to advance Enchi, where drill results returned 5.19 grams per tonne gold over four metres, and its Corcoesto gold project in Spain, which contains 315,000 ounces of gold in the measured and indicated category.
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