Argonaut (TSE:AR) has released an update.
Alamos Gold Inc. has completed a strategic C$50 million private placement in Argonaut Gold Inc., acquiring roughly 13.8% of Argonaut’s common shares to assist with Argonaut’s immediate financial needs and the advancement of its Magino Gold mine. This transaction is part of a larger agreement whereby Alamos will eventually acquire all outstanding shares of Argonaut. The shares from this private placement are subject to a four-month restriction before they can be traded freely in Canada.
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