Separately, the Lundin family and its associates would purchase roughly C$4.5 million of Sanu shares, also priced at C$0.072 each, through a private placement. This would make Lundin a 10% shareholder in Sanu upon closing.
Following the investment announcement, Sanu Gold’s stock doubled from last week’s closing price of C$0.05 to C$0.10 on Monday morning, for a market capitalization of C$27.5 million ($19.5m).
Montage and Lundin now join AngloGold Ashanti (JSE: ANG) (NYSE: AU) and Capital DI Ltd. as Sanu’s key shareholders. In September, AngloGold and Capital DI each obtained a 14% and a 10% stake, respectively, through the participation of a C$5 million private placement.
Guinea exploration
The proceeds of the new investments will be used to advance geophysics and drilling on Sanu’s three exploration permits (Daina, Diguifara and Bantabaye) within the Siguiri Basin of Guinea, a world-class gold…
