Goldcorp Inc. is set to invest C$8.1 million in Mawson Resources Ltd. through a private placement.
Mawson, a gold explorer focused on the Rompas-Rajapalot gold project in Finland, said Feb. 7 that Goldcorp would buy 18 million units at 45 cents each, giving the investor a 12.7% stake in the company. The units comprise a common share and half of a warrant, with each full warrant giving Goldcorp the right to buy a common share at 65 cents within two years.
Mawson said it expects to raise up to C$450,000 from existing shareholders who hold participation rights.
As part of the financing, Goldcorp will, under an investor agreement, be allowed to maintain or increase its stake in future financings so long as it holds at least a 7.5% interest in Mawson. Over that threshold, Goldcorp also gets the right to appoint half of the members of a technical committee, which it can request Mawson to form.
The latest financing comes on the back of a private placement that closed Dec. 8, 2017, raising C$5.3 million.
Mawson said it will use the funds to back exploration efforts in Finland, where it is fleshing out a number of gold targets on the Rompas-Rajapolot claims. It recently said it started a 15,000-meter drill program to follow up on high-grade drill results from 2017, among other things.
