Currently viewing Global edition

Beaty buys more of Equinox Gold

Ross Beaty has shown how confident he is in Equinox Gold’s (CN:EQX) mid-tier production ambitions by upping his stake in the company to almost 10%.
Beaty buys more of Equinox Gold Beaty buys more of Equinox Gold Beaty buys more of Equinox Gold Beaty buys more of Equinox Gold Beaty buys more of Equinox Gold

Ross Beaty now owns close to 10% of Equinox Gold

Staff reporter

In an US$18.2 million deal that will see the Equinox chairman acquire shares and convertible debt from Sandstorm Gold (CN:SSL), Beaty has ended up with 41.4 million shares, or 9.8%, of the company.

Equinox was formed following a three-for-one deal that saw Trek Mining, Newcastle Gold and Anfield Gold combine. The new entity has two advanced-stage gold projects (Aurizona in Brazil and Castle Mountain in California) and combined resources of more than 8 million ounces of gold.

It plans to pour first gold from the 136,000 ounce per annum Aurizona project by the end of the year, following a recent $85 million funding pact with Sprott Private Resources.

It will then turn its attention to reviving the former-operating Castle Mountain gold mine, which could end up producing more than 300,000ozpa as part of a two-phase development.

The acquisition, which was planned as part of the three-for-one merger, will see Sandstorm left with 24 million shares and warrants that could be converted into 9.1 million shares. This would give it 7.7% of Equinox on a partially-diluted basis.

 

topics

loader