Mining News: Northern Neighbors: Golden Predator raises C$16M; Sprott grabs big stake in junior

Golden Predator Mining Corp. July 26 announced the completion of a C$16.36 million brokered private placement. As a result of the financing, the company issued 11.036 million non-low-through units at C73 cents each and 8.305 million flow-through units at $1.00 apiece. Each unit includes one Golden Predator share and one half of a warrant. Each full warrant entitles the holder to purchase one additional company share at C$1.00 for a period of two years from the closing date. Eric Sprott acquired 10 million of the non-flow through units. The founder of Sprott Asset Management now owns 13.55 percent of Golden Predator’s issued and outstanding common shares on a non-diluted basis and 19.04 percent on a partially diluted basis assuming exercise of the warrants. Golden Predator said it will use the proceeds from the financing to fund work at its 3 Aces and Brewery Creek gold projects in the Yukon Territory and general working capital.

-Shane Lasley