Mineral explorer Progress Minerals International Inc. said in a June 12 release that it plans to raise up to C$10 million in a nonbrokered private placement and that, as part of the financing, it secured investments from two royalty and streaming companies, including Sandstorm Gold Ltd.
Progress Minerals said it would issue up to 40 million shares at 25 cents apiece. Sandstorm and another company, which it did not name, both planned to subscribe to 10 million shares in exchange for a 1% net smelter return royalty covering the Bobosso property in Cote d'Ivoire and other properties in Burkina Faso.
Meanwhile, Progress Minerals said it inked a memorandum of understanding with Predictive Discovery Ltd. and West African Venture Investment LLC to acquire a 100% interest in the Bobosso project for about C$1.2 million and other potential production related payments.
