Both projects are located within the central Tethyan Belt of Armenia, which is known for its epithermal and porphyry deposits and is host to 12 operating mines, including the world-class Sotk gold mine.
Proceeds of the financing will be used to undertake a minimum 22 line km IP survey at the Vardenis project and the first drill campaign at the Urasar project, among other exploration activities this field season, Fremont said.
“We are very pleased to welcome Teck as an investor, and believe their participation is an important endorsement of our two Armenian properties,” Fremont CEO Dennis Moore said in a press release Wednesday.
The investment is part of a private placement by Fremont totalling 20.15 million units at C$0.10 per unit for gross proceeds of C$2 million. Each unit comprises one common share and half of a share purchase warrant, exercisable at C$0.17 per share.
Teck purchased 4 million of those units, resulting…
