07:11 AM EDT, 07/04/2024 (MT Newswires) -- Relevant Gold ( RGCCF ) on Thursday said Kinross Gold ( KGCRF ) made a roughly $1.5 million investment in the company in a private placement of 5.1 million units priced at $0.30 each.

The private placement represents a separate follow-on financing to a previously completed private placement announced in May.

Each unit consists of one Relevant Gold ( RGCCF ) common share and a one-half share purchase warrant. Each whole warrant entitles the holder to purchase one additional Relevant Gold ( RGCCF ) common share at $0.35 per share for a 24-month period from the date of issue.

After giving effect to the private placement, Kinross will hold about 9.9% of Relevant Gold's ( RGCCF ) issued and outstanding common shares on a partially diluted basis.

At closing, Relevant Gold ( RGCCF ) and Kinross will enter into an investor rights agreement reserving certain rights for Kinross, including pro-rata participation in future financings, the ability to increase ownership to 19.9%, and the formation of a technical advisory committee composed of two Kinross members and two Relevant Gold ( RGCCF ) members.

Proceeds from the private placement will be used to fund exploration activities at Relevant Gold's ( RGCCF ) projects in Wyoming and for general working capital.