Mid-tier gold producer, Peter Hambro Mining (AIM: POG) confirmed that it had subscribed to a recent equity placing completed by Rusoro Mining (TSX-V:RML).
Peter Hambro subscribed for approximately 6.16 million shares for a total consideration of C$3.7 million. Following the placing, Peter Hambro Mining holds a 1.1% stake in the South American gold producer. This is not Peter Hambro’s first involvement with Rusoro Mining, previously forming part of a syndicate of investors who extended a US$80 million secured exchangeable loan to Rusoro.
Peter Hambro, Executive Chairman of Peter Hambro Mining said:
“Rusoro enjoys a strategic position in Venezuela's gold mining industry as well as a strong production growth profile. Peter Hambro Mining is pleased to enhance further its involvement with Rusoro and looks forward to Rusoro realising the potential of its exciting opportunities in the future.”