American Eagle Gold’s NAK drilling program Credit: Henry Lazenby at The Northern Miner
Australia’s South32 (ASX: S32) has exercised its top-up right to maintain a 19.9% interest in American Eagle Gold (TSXV: AE) (OTCQB: AMEGF) with the purchase of an additional 1.16 million shares.
The exercise follows American Eagle’s recent issuance of 1 million shares to complete its option to acquire 100% of the NAK copper-gold project in central British Columbia.
The stocks purchased by South32 were initially issued as charity flow-through shares priced at C$0.71 each, which the Australian miner will then buy off the subscriber at a discount, as per an investor rights agreement when it first invested in American Eagle last November.
American Eagle’s stock was trading at C$0.48 as of 11:25 a.m. ET Thursday, at the lower end of its 52-week range of C$0.38-C$1.07. The Toronto-based junior has a market…
