19 Jul 2022
G Mining Ventures to receive equity investments totaling USD 116m
On July 19, 2023, G Mining Ventures Corp. (GMIN), a Québec-based mining company, reached a binding agreement for a $150 million equity investment as part of a larger $622 million financing package for the Tocantinzinho Gold Project development. Legal advisement was provided by Stikeman Elliott LLP, Blake, Cassels & Graydon LLP, Grebler Advogados, and Mattos Filho Advogados. BMO Capital Markets served as the exclusive financial advisor concerning the La Mancha strategic investment.
The equity funding comprised an $89 million investment from UK-based La Mancha Investments, with Canadian investors Franco-Nevada Corporation and Eldorado Gold Corporation contributing approximately $35.6 million and $25.9 million, respectively. Louis-Pierre Gignac, GMIN's President and CEO, welcomed Franco-Nevada and La Mancha as new cornerstone partners, highlighting their commitment as an endorsement of the management and progress made since the project's acquisition in 2021.
Karim Nasr, Managing Partner at La Mancha Capital Advisory LLP, acknowledged their history of prosperous mining investments and intentions to build on this success with GMIN. Similarly, Franco-Nevada's President and CEO Paul Brink expressed satisfaction in supporting GMIN, noting Tocantinzinho's promising location and the company's confidence in the project and GMIN's team.
The completion of the financial agreement was anticipated for the third quarter of 2022, marking a significant investment in the mining sector and a strategic move for the involved corporations.