A promising gold exploration company in Canada has just landed a new strategic investment. And it’s from one of the largest mining companies in all of Australia.
What’s happening:
- American Eagle Gold (TSXV: AE) has announced that Australian mining company South32 (ASX: S32) will invest $29.16M CAD into the company through a new strategic financing round
Why it matters:
- South32 is the second large mining company to take an equity stake in American Eagle Gold, following behind Teck Resources (NYSE: TECK) who has previously made multiple different investments into American Eagle Gold
By the numbers:
- After the completion of this latest financing round, South32 will own 19.9% of the outstanding common shares of American Eagle Gold and Teck Resources will own 15.2%
- American Eagle Gold now has approximately $37M CAD in cash to fund the exploration and drilling of their flagship property
Going deeper:
- American Eagle Gold’s flagship NAK Project is located near Smithers, British Columbia and is one of the largest deposits of both copper and gold in the surrounding region, which has historically been one of the most abundant geographic locations for copper discoveries in North America
