Brixton Metals teams up with Eldorado on Atlin Goldfields project
Located 9 km east of the town of Atlin, British Columbia, the property comprises a 579-square-kilometre claim group.
Canadian junior zinc miner Trevali Mining (TSX:TV) said Thursday Switzerland-based commodities trader Glencore International (LON:GLEN) has agreed to buy a 7.8% stake in the zinc miner through a private placement financing worth US$18 million.
Trevali said that giant Glencore will buy over 12.62 million common shares for US$1.42 each through a non-brokered private placement. The securities issued will have a four month and one day resale restriction.
Trevali said it will use the funds from the financing to advance its Santander mine project in Peru and to provide working capital facilities for the new Halfmile mine in New Brunswick, Canada.
“We are very pleased to see Glencore provide a ringing endorsement of our two mining operations (including a robust advanced project pipeline) in addition to our experienced management and operations teams,” Trevali’s chief executive Mark Cruise said in the press release.
Glencore’s joint head of the zinc-copper division, Daniel Mate, added: “Having started out with a partnership with Trevali on the Santander project alone, we are excited at the prospect of contributing to the development of Trevali as a whole.”
Glencore also holds a $2 million convertible debenture facility of Trevali’s. The outstanding debt under the facility is convertible in September 2012 at the 30-day volume weighted average trading price, with a minimum conversion price of 64 cents a share.
Glencore is an integrated producer and marketer of commodities. It has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.
