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Goldcorp pledges allegiance to Andy Wallace company

Goldcorp (TSX:G) has backed Andy Wallace's Allegiant Gold (TSXV:AUAU), taking a 9.9% stake in the explorer, and upped its stake in fellow junior Gold Standard Ventures Corp (TSX:GSV).
Goldcorp pledges allegiance to Andy Wallace company Goldcorp pledges allegiance to Andy Wallace company Goldcorp pledges allegiance to Andy Wallace company Goldcorp pledges allegiance to Andy Wallace company Goldcorp pledges allegiance to Andy Wallace company

A long and winding road: Allegiant's principal project is Eastside with a resource of 35.78Mt at 0.57g/t gold

Staff reporter

The major gold producer will spend C$4.4 million (US$3.35 million) on a private placement and $2 million on common shares.

Allegiant said it would start drilling six projects in Nevada with the cash.

In the deal, Goldcorp will have the first right of refusal on North Brown, Red Hills, Monitor Hills and Hughes Canyon if there's a third party offer and the right to appoint 50% of a technical committee for those projects and first right of refusal over streaming and royalty offers at every property bar Eastside.

Allegiant has 14 properties in total.

Goldcorp upped its ownership in Gold Standard from 9.86% to 12.73% on the same day.

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