Diamond drilling at the Juby property. Credit: Aris Mining
Aris Mining (TSX: ARIS; NYSE-A: ARMN) is set to leave Canada with the sale of its Juby gold project, its sole Canadian asset, to McFarlane Lake Mining (CSE: MLM) in an investment deal scaled up to $25 million.
The deal is to see Aris become a 19.9% shareholder in McFarlane Lake, and consists of up to $15 million in bridge financing from a syndicate of lenders and a non-brokered equity offering of up to $10 million, the company reported Monday. The specified terms of the deal bring more structure to it than when it was previously announced last month.
Juby is located in Northern Ontario, roughly between Timmins and Sudbury.
“Execution of this transaction allows McFarlane to take hold of what I believe is one of Ontario’s premier undeveloped gold deposits,” McFarlane Lake Chair and CEO Mark Trevisiol said in a release. “It represents the…
