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Coeur buys into Northern Empire; Sterling gold mine buy completed

Northern Empire Resources Corp. said May 30 that Coeur Mining Inc. became a strategic investor after taking part in a private placement of 78,230,095 subscription receipts raising C$20 million to close the purchase of Imperial Metals Corp. unit Sterling Gold Mining Corp.

Coeur Mining subscribed for 16 million subscription receipts, which translates into 16 million shares of the company, acquiring approximately 11.7% in the company.

The company will conduct a 1-for-3 share consolidation effective on completion of the Sterling Gold acquisition, which includes the Sterling gold and Hoodoo Canyon properties.