Dryden Gold Welcomes $3.38M Strategic Investment from Centerra Gold
By Kevin Vincent
Dryden Gold Corp. has announced a $3.38 million private placement, securing strategic investment from Centerra Gold Inc., which will acquire a 9.9% stake in Dryden Gold. The funding positions the company to advance exploration in the Dryden Gold District of Northwestern Ontario.
“We’re very excited to welcome Centerra as a new strategic investor in Dryden Gold,” said Trey Wasser, CEO. “The proceeds will advance our exploration initiatives in the Dryden Gold District, with the Company fully financed through 2025. This financing validates our property, our team, and the science behind our exploration program.”
Financing Details
The non-brokered private placement includes:
• Charity Flow-Through Shares (CFT): 11,988,825 shares at $0.24 each.
• Hard Dollar Shares (HD): 2,941,176 shares at $0.17 each.
• Total Proceeds: $3.38 million, with an average price of $0.23 per share.
Centerra Gold will be the end purchaser of all CFT and HD shares. No finder’s fees were incurred in connection with the placement.
Use of Proceeds
Funds from the offering will primarily support exploration across Dryden Gold’s extensive 70,000-hectare property. Proceeds from CFT Shares will be directed toward qualifying “Canadian exploration expenses,” while HD funds will cover general administration, marketing, and property payment obligations.
Investor Rights and Closing Conditions
The financing is subject to approval from the TSX Venture Exchange, due diligence by Centerra, and execution of an investor rights agreement (IRA). The IRA ensures Centerra’s rights to maintain its ownership through participation in future equity issuances. The offering is expected to close by December 17, 2024. All issued shares will carry a four-month and one-day hold period.
About Dryden Gold
Dryden Gold Corp. is a TSX Venture-listed exploration company dedicated to discovering high-grade gold mineralization in the Dryden District of Northwestern Ontario. The company’s flagship property spans over 50 kilometers along the Manitou-Dinorwic deformation zone and hosts several historic gold mines. With modern exploration techniques and a robust budget, Dryden Gold is poised to uncover significant resources in the region.
The Dryden Gold team’s collaboration with Centerra signals strong validation of the company’s vision and approach. The $3.38 million financing further strengthens its position to deliver results that align with investor and stakeholder expectations.
Tags: Northern Ontario / Deals & Financial / Gold / All Articles