Intrepid Mines Limited
(ASX:IAU) has acquired 10 million shares in Canadian listed New Nadina Explorations for $961 thousand.
The acquisition represents 12.6 per cent of New Nadina’s total share issue.
The shares include a further warrant option that if exercised would lift Intrepid’s holding to 17.75 per cent.
CEO Brad Gordon says the investment continues Intrepid’s policy of sourcing high potential global growth opportunities in select jurisdictions.
Funds raised from the private placement will be directed towards New Nadina’s exploration of the Silver Queen Porphyry system in British Columbia.
Intepid Mines reported a $31 million loss for fiscal 2012.
