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Dalradian secures C$84.8M funding via private placement, warrant exercise

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Dalradian secures C$84.8M funding via private placement, warrant exercise

Dalradian Resources Inc. has secured funding of C$84.8 million via a nonbrokered private placement and exercise of warrants.

Dalradian CEO Patrick Anderson said the company is now well-funded to move its Curraghinalt gold project in Northern Ireland through permitting.

Orion Mine Finance II LP agreed to subscribe for 34,013,605 shares at C$1.47 per share for proceeds of C$50 million, and Osisko Gold Royalties Ltd. agreed to subscribe for 19,217,687 shares at the same price for an investment of C$28.25 million.

Osisko will also exercise 6.25 million warrants at C$1.04, according to an Oct. 10 statement.

Following the private placement, Orion will own about a 9.75% stake in Dalradian and Osisko will own about a 9.1% interest.

The private placement is expected to close Nov. 30.