Dryden Gold’s shares traded at C$0.15 apiece midday in Toronto, for a 15.4% intraday gain and a C$20.2 million ($14.3m) market capitalization. Since the stock began listing earlier this year, it has traded at a peak of C$0.40 and a low of C$0.095.
Proceeds of this financing will be used to advance the company’s exploration initiatives in the Dryden gold district of northwestern Ontario. The junior has so far consolidated a 702 km2 land package within the district, including historic gold mines with limited modern exploration. Its three main assets are the brownfield Gold Rock project, and the early-exploration-stage Lower Manitou and Tremblay projects.
“Centerra is using its strong balance sheet to focus on organic growth through strategic investments and is providing valuable capital to select junior mining companies,” Dryden’s CEO Trey Wasser said in a release. “We look at this investment as a…
