Acquisition14 Apr 2020 21:52
Barrick Gold to invest in Precipitate Gold
Apr. 14, 2020 11:07 AM ET|About: Barrick Gold Corporation (GOLD)|By: Vandana Singh, SA News Editor
Barrick Gold (GOLD +0.6%) announces an earn-in agreement with Precipitate Gold (OTC:PREIF +16.1%) that gives it the right to earn a 70% stake in the junior’s Pueblo Grande project.
To earn the set interest, GOLD will have to invest a minimum of $10M in exploration and deliver a pre-feasibility study within six years of the agreement.
As part of the deal, Barrick has also agreed to subscribe for C$1.4M of Precipitate’s shares in a private placement
The deal comes only a year after Precipitate grabbed all of Everton’s Dominican Republic exploration concessions, which included its now flagship Pueblo Grande project.