Bil­lion­aire ups his Pil­bara gold stake

Pilbara News - - News - Stu­art McKin­non

Cana­dian bil­lion­aire in­vestor Eric Sprott has lifted his ex­po­sure to the Pil­bara con­glom­er­ate gold story with a $5 mil­lion in­vest­ment in Kairos Min­er­als.

Sprott Cap­i­tal Man­age­ment will make the in­vest­ment in the as­pir­ing Pil­bara gold player as part of a broader $7 mil­lion place­ment an­nounced by Kairos, priced at a dis­counted 5.5¢ a share.

Sprott al­ready holds a 9.1 per cent stake in Canada’s Novo Re­sources, which is heav­ily in­vested in the Pil­bara re­gion with a 12,000sqkm foot­print of its own, as well as a joint ven­ture with Artemis Re­sources over its Purdy’s Re­ward project south of Kar­ratha.

Sep­a­rately, the Sprott-chaired Kirk­land Lake Gold re­cently boosted its stake in Novo to 18.2 per cent, cour­tesy of a $56 mil­lion in­vest­ment and also flagged a $5 mil­lion in­vest­ment in De Grey Min­ing, which holds ten­e­ments ad­ja­cent to Purdy’s Re­ward.

Kairos ex­ec­u­tive chair­man Terry Top­ping de­scribed the Sprott in­vest­ment as a wa­ter­shed mo­ment for the com­pany which con­firmed its po­si­tion at the fore­front of the new Pil­bara gold rush.

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