Deals this week: Yintai Resources, Athabasca Nuclear Corporation, Independence Gold Corp


Lake Lithium Project

Yintai Resources' affiliates have reached an agreement to acquire Eldorado Gold Corporation's White Mountain and Tanjianshan mines, including the Eastern Dragon development project in China, for $600m in cash.

The deal is expected to be close in late-2016.

Athabasca Nuclear Corporation has announced that it has completed acquisition of the Brazil Lake Lithium project in Yarmouth, Nova Scotia, Canada.

The project consists of 21 contiguous mineral licences, covering approximately 14,666ha and has much existing infrastructure.

Independence Gold Corp has signed a letter of intent (LoI) to acquire up to 100% interest in the Taku Gold Corporation's Rosebute property located in Dawson City, Yukon, Canada.

Independence Gold Corp will initially acquire a 75% interest in the property. Following completion of the deal, Taku Gold Corporation will have an option to participate in the project as a joint venture partner or sell the remaining 25% interest in exchange for an additional cash payment of $500,000, issuance of one million shares and a 1% net smelter royalty (NSR).

Richmont Mines has agreed to issue 2.6 million common shares at a price of C$10.40 ($8.03) each to underwriters led by Macquarie Capital Markets Canada, in a bought deal offering basis. This in order to expand Richmont's current exploration programme and benefit from growth opportunities at the cornerstone Island Gold Mine. It is expected to raise approximately C$27m ($20.86m).

The transaction is expected to close before the second week of June 2016. Richmont Mines has also agreed to grant additional 390,000 million common shares in full or in part at the same offering price for an additional period of 30 days to the underwriters, which would increase the total gross proceeds to C$31m ($23.95m).


Image: The Brazil Lake Lithium project is located in Yarmouth, Nova Scotia, Canada. Photo: courtesy of Athabasca Nuclear Corp.