Canadian mining company B2Gold is set to make a strategic investment in gold exploration company Snowline Gold (SGD), through a non-brokered flow-through private placement.

This will see B2Gold acquiring common shares of Snowline Gold on the back end of the latter’s C$19,161,375 private placement.

The placement involves the issuance of up to 3,941,048 flow-through common shares of Snowline Gold at C$4.862 apiece.

The common shares to be acquired on the back-end of the private placement by B2Gold, together with the recently purchased three million Snowline Gold common shares on the open market, will constitute a 5% stake in Snowline Gold.

Snowline Gold CEO and director Scott Berdahl said: “We are excited to welcome B2Gold as a growth-focused, long-term, value-driven investor.”

B2Gold president and CEO Clive Johnson said: “We’d like to commend the Snowline exploration and management teams for their strong exploration work conducted thus far across their large mineral tenure in the Selwyn Basin.

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“Their highly prospective land portfolio boasts district-scale, untapped greenfield potential, and we believe their Valley Discovery to be one of the more significant discoveries in Canada in recent history.”

Snowline Gold plans to use the financing to advance the exploration of the Yukon Territory mineral properties.

Last month, B2Gold signed a deal to acquire all of the issued and outstanding shares of Sabina Gold & Silver for C$1.1bn ($823.66m).

B2Gold will issue 0.3867 of a common share for each Sabina common share held, at C$1.87 a Sabina share on a fully diluted basis.