Greenheart Gold rallies as Dundee discloses share purchases
Dundee Corp. [DC.A-TSX] said its Dundee Resources Ltd. unit has acquired 2.0 million shares of Greenheart Gold Inc. [GHRT-TSXV] for 50 cents per share.
The announcement comes after Greenheart said it had closed a previously announced brokered private placement of 72.1 million common shares priced at 50 cents per share, generating gross proceeds of $36.04 million.
Certain insiders of the company purchased 3.0 million common shares at the offering price. “Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control 11.7 million common shares, representing and approximate 7.68% stake in the issuer on an undiluted basis,’’ Dundee said in a press release.
Dundee and its affiliates previously owned 9.8 million shares of 12.07% of the issuer. Greenheart shares advanced on the news, rising 4.6% or $0.04 to 90 cents. The shares previously traded in a 52-week range of 86 cents and 45 cents.
Greenheart Gold was created as a “spin-off” from the business combination of G Mining Ventures Corp. [GMIN-TSXV, GMINF-OTCQB] and Reunion Gold Corp. in July, 2024. The company is led by the former executive team members of Reunion Gold, a team that was most recently noted for the discovery and delineation of the Oko West deposit in Guyana, which is set to become the next gold development company in the region.
Back in September 25, 2024, Greenheart said it had signed a binding head of agreement outlining the key terms of an option to purchase a 100% interest in the IGAB project in Suriname. The company said the 95-square kilometre, early-stage project is located 30 kilometres south of Newmont Corp.’s [NGT-TSX, NEM-NYSE, ASX, PNGX] operating Merian mine (3.9 million ounces of gold in reserves plus 1.5 million ounces of gold in measured and indicated resources), and can easily be accessed via road and a short boat ride along the Marowijne River.
“IGAB is the third and latest project that we are excited to add to Greenheart Gold’s exploration portfolio,’’ said Justin van der Toorn, the company’s President and CEO. “We expect to achieve our strategic goal of acquiring and maintaining a pipeline of up to five to six early-stage exploration projects across Guyana and Suriname in the near future.’’
The company said it has entered into a binding-heads of-agreement with an arm’s length private Surinamese company to acquire a 100% interest in the mineral right over the IGAB project. Under the terms of the heads of agreement, the company has the sole and exclusive right to carry out technical and legal due diligence for four months before entering into the option agreement. The execution of the option agreement is at the sole discretion of Greenheart Gold.