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DGO Gold nabs 7% stake in De Grey through A$5M investment

DGO Gold Ltd. said May 22 that it now holds 7.0% of De Grey Mining Ltd.'s ordinary shares, after making a A$5 million investment through the subscription for 25 million shares at 20 cents each.

In addition, DGO Gold will also receive 12.5 million options, exercisable at 25 cents per share on or before Nov. 30, 2019, and a further 12.5 million options, exercisable at 30 cents per share on or before May 31, 2021.

DGO Gold, on a fully diluted basis, will hold 10.0% of De Grey, assuming DGO Gold's options and all other issued options are exercised.

DGO Gold will fund the investment through a proposed 1-for-2 pro rata entitlement issue, expected to raise approximately A$5 million, to be launched in the near term.