Kinross Gold Corp. will secure a 9.7% stake in Wolfden Resources Corp. with a C$2.5 million investment.

Wolfden said March 19 that it entered into a subscription agreement with Kinross for a nonbrokered private placement of 12.5 million common shares at 20 Canadian cents apiece.

Wolfden will mainly use the funds to explore its wholly owned Pickett Mountain zinc-rich polymetallic deposit in northeastern Maine.

The offering is expected to close around March 29 and no later than May 1.