Dundee Precious Metals Secures C$43.7 Million for Construction of Krumovgrad Gold Project, Bulgaria
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Dundee Precious Metals Inc. has secured a C$43.7 million strategic equity investment from the European Bank for Reconstruction and Development (EBRD).
Proceeds will be used for the construction of the Krumovgrad project in Bulgaria and will serve to further strengthen the company’s financial position and flexibility during the construction phase of this project.
The investment was effected by way of a private placement of 17,843,120 common shares of the company issued to the EBRD at a price of C$2.45 per share. As a result of this transaction, EBRD holds approximately 9.99 percent of the company’s common shares (on a non-diluted basis).
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition of mineral properties, exploration, development, mining and processing of precious metals. The company’s continuing operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver and a pyrite concentrate containing gold, located east of Sofia, Bulgaria; and the Tsumeb smelter, a complex copper concentrate processing facility located in Namibia. Dundee Precious Metals also holds interests in a number of developing gold and exploration properties located in Bulgaria, Serbia, and northern Canada, including the permitted-for-construction Krumovgrad gold project, which is expected to commence production in the fourth quarter of 2018, and its 10.7 percent interest in Sabina Gold & Silver Corp.
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