Private resource-focused merchant bank Palisades Goldcorp Ltd. increased its stake in Canada-based Mexican Gold Corp. to 36.6%.

The company purchased 18,278,488 common shares of Mexican Gold, as well as warrants to purchase a further 11,875,000 shares.

Palisades now holds 37,821,388 common shares in Mexican Gold and 13,375,000 warrants, exercising which will increase its interest to 43.9%.

Mexican Gold is currently exploring the Las Minas gold project in Mexico's Veracruz State.

Palisades founder and Executive Chairman Collin Kettell said the companies will work together to formalize future plans for Mexican Gold.