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EBRD to acquire 9.99% stake in Dundee Precious Metals for C$43.7M

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EBRD to acquire 9.99% stake in Dundee Precious Metals for C$43.7M

Dundee Precious Metals Inc. signed a definitive agreement with the European Bank for Reconstruction and Development, or EBRD, setting the terms for the bank's C$43.7 million strategic investment in the miner.

The investment will be made by way of a private placement of 17,843,120 common Dundee shares at C$2.45 per share, giving the EBRD a shareholding of about 9.99% in Dundee Precious Metals.

The miner said Dec. 22 that as part of the investment, it will extend its compliance with the bank's environmental, social, economic inclusion and equal opportunity standards to all operations. The EBRD will also be granted certain rights, including a right to maintain its pro rata equity interest in the miner.

Dundee Precious Metals plans to use the proceeds for the construction of its Krumovgrad gold project in Bulgaria and to further strengthen its financing position and flexibility during the project's construction phase. The transaction is expected to close by Jan. 23, 2017, subject to certain customary conditions.