Dalradian Resources announces that it has entered into subscription agreements with each of Orion Mine Finance II LP and Osisko Gold Royalties Ltd pursuant to which Orion will make an investment of C$50 million and Osisko will make an investment of C$28.25 million into the company by way of a non-brokered private placement.
The placement will fund development of Curraghinalt gold project in Northern Ireland.
Patrick F.N. Anderson, Dalradian's CEO, commented, "This is a strong vote of confidence in both the Curraghinalt Gold Project and in Northern Ireland as an investment destination by two highly respected mining finance groups. Today's placement, together with all recent warrant exercises, will provide the company with additional equity funding in excess of C$110 million. This means that the company is now well-funded to move Curraghinalt through permitting, while continuing to expand and improve the value of the project through further investment in exploration and engineering."
Michael Barton, Portfolio Manager at Orion Resource Partners said, "Orion is delighted to become a meaningful investor in one of the most exciting undeveloped gold deposits globally. We look forward to working with Dalradian as Curraghinalt moves through permitting and into construction."
Sean Roosen, Chairman and CEO of Osisko said, "We are very pleased to participate in the advancement of one of the world's top undeveloped gold projects in a new emerging gold district. We look forward to working with Dalradian management, Orion and Dalradian's stakeholders to provide the necessary funding for the realization and development of the Curraghinalt Gold Project."