Two Canadian mining firms, Reunion Gold Corporation and Barrick Gold Corporation, have joined forces to lead a major gold exploration campaign in Guyana.
The joint venture was sealed two days ago. The agreement will cover the Waiamu project, the Aremu project, the Arawini project and the Oko project which were started by Reunion. To earn a 50 percent interest in the Reunion Projects, Barrick will invest US$4.2M.
The Toronto Stock Exchange (TSX) noted that Barrick also has a controlling interest in Reunion. It explained that prior to the closing of the joint venture, Reunion issued 87,290,000 common shares at a price of $0.15 per share for gross proceeds of $13,093,500. TSX said that Barrick acquired 33,150,000 Shares, increasing its interest in the Company from 15 percent to 19.9 percent.
