A Canadian gold exploration company has just landed a strategic investment from one of the world's largest gold producers.
What’s happening:
- Amex Exploration (TSXV: AMX) has landed a $15M CAD strategic investment from Eldorado Gold (NYSE: EGO) to advance their flagship Perron project in Quebec
By the numbers:
- Eldorado Gold will own 9.9% of Amex Exploration after the closing of their strategic investment
- Eldorado Gold’s investment is a part of Amex Exploration's larger $26M CAD financing round
- Currently, Eldorado Gold has a market capitalization of approximately $2.5B USD
Why it matters:
- Eldorado Gold is one of the largest producers of gold and base metals in the world and has also acquired many promising gold exploration companies in the past, including their notable purchase of Integra Gold
Going deeper:
- Legendary precious metals financier Eric Sprott is also a significant shareholder of Amex Exploration, owning approximately 12% of the entire company
- Amex Exploration has already made multiple significant gold discoveries previously at the Perron project and holds numerous other properties nearby in the Abitibi region in the province Quebec
