Geologists examine rock at Midland Exploration’s Komo project in Quebec. Credit: Midland Exploration
Centerra Gold (TSX: CG) (NYSE: CGAU) continued its series of investments in Canadian-based gold juniors on Tuesday, this time with the acquisition of a 9.9% stake in Midland Exploration (TSXV: MD).
The share acquisition is part of a private placement Midland arranged with institutional investors. Under the offering, the company will sell approximately 3.18 million shares at a near market price of C$0.33 per share, for gross proceeds of C$1.05 million. Centerra is expected to participate in this offering.
Additionally, Midland is looking to sell 10.65 million shares at a higher price of C$4.75 each in a separate offering, for approximate proceeds of C$5.06 million.
By midday, the stock traded 4.6% higher at C$0.34 apiece, giving the Quebec-focused gold explorer a market capitalization of just over…
