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Monday, 22nd December 2008 (1433 views)

Kinross Gold has announced that it has subscribed for 12,500,000 units of Victoria Gold, with each unit comprising one common share and one half of one share purchase warrant.

Pursuant to a private placement and the exercise of warrants, the investment could see Kinross control 18,750,000 common shares in Victoria Gold and a potential 34.4 per cent of the firm's outstanding common shares.

Kinross already holds 24,701,025 common shares and warrants exercisable into 2,567,850 common shares held by its wholly-owned subsidiary EastWest Gold.

The gold mining company stated that it is aiming to "increase its exposure to quality exploration opportunities by investing in high quality junior resource companies".

A gold-focused, growth-oriented exploration company, Victoria Gold has a total of 17 exploration properties across Nevada.

Kinross Gold announced last month that it had entered into separate agreements with Teck Cominco and subsidiaries of Anglo American to acquire a 100 per cent interest in Minera Santa Rosa, which owns the Lobo-Marte gold project in northern Chile.

 

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