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South32 is shelling out C$29.2 million for a 19.9% interest in American Eagle Gold , which is in the third year of drilling at its already owns 19.9% of American Eagle Gold, and has the right to maintain that stake. If it does participate, the final amount raised by American Eagle will be higher.
The investment will bring American Eagle’s treasury to C$37 million, enough to fund expanded drill programs in 2025 and 2026. The company said it will share plans for its 2025 drill program after receiving all assays from this year’s campaign. The financing gives South32 the right to nominate one director to American Eagle’s board. The companies will also enter an investor rights agreement once the financing closes, around Nov. 26.
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