By Devika Patel
Knoxville, Tenn., Dec. 18 - Gold Resource Corp. announced that it completed a $16 million private placement of stock with Hochschild Mining plc.
The company sold 1,954,795 restricted common shares.
Of the total $16 million in proceeds, $8 million will be used at the El Aguila Project for working capital during commissioning, training and start-up and continued construction of the phase 2 tailings facility. The remaining $8 million will be used for the acceleration of the Arista underground mine development.
Denver-based Gold Resource is a gold and silver exploration and development company.
| Issuer: | Gold Resource Corp.
|
| Issue: | Restricted common stock
|
| Amount: | $16 million
|
| Shares: | 1,954,795
|
| Warrants: | No
|
| Investor: | Hochschild Mining plc
|
| Settlement date: | Dec. 17
|
| Stock symbol: | OTCBB: GORO
|
| Stock price: | $9.98 at close Dec. 17
|
| Market capitalization: | $479 million
|
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