Dundee Precious Metals (DPM-T, DPMLF-O) has acquired some 3.3 million shares in Guinea-focussed explorer Cassidy Gold (CDY-V, CSYGF-O) at a rate of 60 per share.
The shares, which represent about 5% of Cassidy’s outstanding shares increases Dundee’s stake in Cassidy to 14%. Assuming the full exercise of 6 million warrants, Dundee would own around 21% of Cassidy.
Cassidy also recently completed a brokered private placement of more than 8.3 million shares accompanied by a non-brokered placement of 500,000 shares at a price of 60 apiece for total gross proceeds of around $5.3 million.
Recent reverse-circulation (RC) drilling on the Junction zone at Cassidy’s Kouroussa project is highlighted by 20 metres running 1.19 grams gold per tonne in hole no. 836, 20 metres of 1.2 grams gold in hole no. 841, and 12 metres at 2.13 grams in hole no. 842.
The Junction zone was tested by 16 RC holes totalling 1371 metres. The program extended the zone some 120 metres to the northeast and 200 metres to the southwest.
Shares in Cassidy were 6, or 8.6%, better at 76 in late-afternoon Venture-exchange trading following the news on Mar. 31.
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