(MENAFN - ProactiveInvestors - Australia) Gold-copper resources company, Mutiny Gold (ASX:MYG) has completed a placement to a strategic North American investor.
The name of the investor has not been revealed, but is expected to be a part of a larger funding package for development of Deflector Copper-Gold Project in the Murchison Region of Western Australia.
The funding package is currently in the final stages of negotiation.
The placement of USD2,000,000 has been structured as convertible loan, where the strike price for conversion will be 95% of a weighted average share price ten days after the funding package is announced.
Mutiny Gold managing director, John Greeve said, "We have had, and continue to have, strong support from the parties negotiating to provide funding for the Deflector Project.
These negotiations are now entering the final stages and completion will be a key milestone for the Company in the development of this project.
The North American strategic investor has confirmed their belief in the company and the project by taking part in this Placement ahead of this key milestone being achieved."