Reunion Gold Corp. plans to undertake a nonbrokered private placement of up to 83,333,333 shares, priced at 18 Canadian cents apiece, to raise C$15.0 million.

Barrick Gold Corp. and Dundee Resources Ltd. intend to exercise their rights to participate in the offering and to acquire the number of shares required to maintain their respective 15% and 16.5% stakes in Reunion Gold.

The company said Dec. 13 that it intends to use the proceeds for the exploration and development of its gold projects in French Guiana and Guyana, and for general working capital.

The financing is expected to close Dec. 20.