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Yamana Gold Becomes Strategic Investor In Freeman Gold

Yamana Gold (TSX: YRI) has become a strategic shareholder in Freeman Gold (CSE: FMAN), with the issuer taking a 5% position in the Idaho-focused gold explorer. The position was acquired through the sale of a back-in right that Yamana previously held on five patented claims now held by Freeman Gold.

Freeman, in an effort to continue to de-risk its Lemhi project, acquired the back-in right from Yamana. The right was acquired through the issuance of 4,035,273 common shares of the issuer, which represents 5% of the issued and outstanding shares of the company.

Under the terms of the arrangement, the transfer, termination and extinguishment of the back-in right has been completed in exchange for the 4.0 million common shares. The shares are subject to a four month hold period. Yamana has also agreed to not sell more than 1% of the outstanding Freeman shares within a 30 day period for the earlier of one year and the date on which Yamana holds less than 2% of the company., without first providing Freeman with notice and a five day period to identify a buyer for the shares.

“We are delighted to welcome Yamana as a 5% strategic shareholder. Having a major gold producer with Yamana’s caliber take a significant position in our Company is a major vote of confidence in the project and the team we have assembled. We hope to work together over the coming months and years. The Transaction removes the existing back-in agreement on five of our patented claims which is a major step in de-risking the Lemhi project. The project is now free of all back-in rights.”

Will Randall, CEO of Freeman Gold Corp

Freeman Gold last traded at $0.52 on the CSE.


FULL DISCLOSURE: Lodge Resources Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Lodge Resources Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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